The Enforcement Directorate (ED) on April 11, 2023, provisionally attached 25 immovable properties owned by real estate developer Supertech Group of Companies and its directors. Worth Rs 40.39 crore, these properties are spread across Rudrapur in Uttarakhand and the Meerut Mall in UP. The attachment was made under the provisions of Prevention of Money Laundering Act, 2002, the ED said in a statement.
The latest move by the government’s enforcement agency follows a probe against the NCR-based company which was initiated on the basis of various FIRs registered by the Delhi Police, the Haryana Police and the UP Police. These FIRs allege that the company and its directors indulged in criminal conspiracy to cheat people by collecting funds from prospective buyers as advance against booked flats in their real estate projects, and failed to adhere to its obligations to provide the possession of the flats on time and thus defrauded the general public.
“Investigation conducted by the ED under the provisions of the PMLA revealed that the funds were collected by Supertech and group companies from homebuyers and also took project-specific term loans from banks/ financial institutions for the purpose of construction of projects/flats. However, these funds were misappropriated and diverted for purchase of land in the name of other group companies that were again pledged as collaterals to borrow funds from banks/financial institutions,” the ED said in a statement.
The probe also revealed that the group also defaulted on its payments to lenders. As of now, around Rs 1,500 crore of Supertech’s loans have been labelled non-performing assets.
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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