R K ARORA Chairman of Supertech held by ED over ‘money laundering’

“R K Arora was Arrested by ED on 11 April after his questioning by ED Officials,” an official said.

On April 11, the ED had attached the properties of worth Rs 40.39 crore belonging to Supertech and its directors. It included 25 immovable assets in Uttarakhand and Meerut Mall in Uttar Pradesh’s.

The ED had initiated this under Prevention of Money Laundering Act on basis of FIRs registered by Delhi Police, Haryana Police and UP Police.

“It was alleged that the company and its Directors indulged in criminal conspiracy to cheat people by collecting funds from prospective buyers as advance against booked of flats and failed to adhere to agreed obligations to provide possession of flats on time and as per FIRs. “an ED spokesperson had said”. (informations only.com)

“Investigation revealed that funds were collected by Supertech Ltd and group companies from homebuyers and these funds were misappropriated and diverted for purchase of land in name of other group companies and that were again pledged as collateral to borrow fund from financial institutions,” the spokesperson had said (informations only)

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