RK Arora, the chairman of the Supertech real estate development company, was taken into custody by the Enforcement Directorate on Tuesday from his Delhi office. The central organisation had been calling him for the previous three days. According to Live Hindustan, he was detained late at night in connection with a money laundering case. The real estate tycoon’s family was informed of his arrest by ED officials. The National Real Estate Development Council (NAREDCO), a group of builders, is also led by Arora.
On the basis of FIRs filed in UP, Delhi, and Haryana, the ED opened an investigation under the Prevention of Money Laundering Act (PMLA) against the Supertech Group of Companies and others. The company and its directors were charged in the FIR with defrauding the home buyers by taking their money. They were also accused of failing to deliver the flats to the buyers, according to the FIR. Money from homebuyers was “diverted”Investigations revealed that the Supertech Group of Companies received funds from customers while also securing bank loans to fund the construction of apartments. However, it is claimed that the money was stolen and used to purchase land.
As it turns out, 1,500 crore worth of loans became non-performing assets. Past behaviorOn April 12, the ED attached 40 crore worth of Supertech and its directors’ property. It included 25 real estate properties in Uttarakhand and the Meerut Mall in Meerut, UP.
In accordance with a court order, Supertech’s erroneous twin towers in Noida were destroyed last year using more than 3,000 kg of explosives.
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