Supertech Chairman RK Arora arrested in money laundering case
1 min read 27 Jun 2023, 09:43 PM ISTRK Arora was being questioned by the agency from past three days and the central agency arrested him after the questioning on Tuesday
PremiumEnforcement Directorate on Tuesday arrested RK Arora, Chairman of the construction company Supertech from his Delhi office in a money laundering case, LiveHindustan reported. RK Arora was being questioned by the agency for the past three days and the central agency arrested him after the questioning on Tuesday.
The action by the ED came after several FIRs were registered against RK Arora in Delhi, Haryana, and UP. The ED was investigating the real estate tycoon under the stringent Prevention of Money Laundering Act (PMLA). The FIRs claimed that Supertech and its directors conspired to defraud the public by taking money from them under the garb of various real estate schemes.
The company officials failed to fulfill their responsibility to provide the possession of the properties to their respective buyers.
Diversion of money
The investigation by ED under PMLA has also revealed that the Supertech group of companies accumulated advance money from home buyers and also took loans from banks for the construction of these flats. However, the money was never used for the construction and was diverted to purchase land for the other companies of the group.
Supertech officials again took loans from the bank by keeping these newly purchased lands as collateral. The ED officials said that in further investigation it was also revealed that the Supertech group of companies defaulted on their loans to financial companies and the loans of around ₹1,500 crore have turned Non Performing Assets (NPAs).
