Sunday, July 21, 2024

Delhi High Court Seeks Response from Supertech Group Chairman R K Arora in Money Laundering Case

The Delhi High Court has issued a notice to R K Arora, the chairman and promoter of Supertech Group, following an Enforcement Directorate (ED) plea challenging the interim bail granted to him on medical grounds in a money laundering case. Justice Manoj Kumar Ohri instructed Arora to file a reply to the petition. Arora, who was granted interim bail earlier by a trial court, has already been released from jail. The court set the next hearing for February 9.

While granting interim bail, the trial court directed Arora not to leave Delhi or the country without court permission and to surrender his passport. The bail was specifically granted for medical treatment and care. Arora, claiming various health issues, sought three months of interim bail, emphasizing the need for urgent medical assistance. He was arrested by the ED on June 27, 2023, under the Prevention of Money Laundering Act (PMLA).

The money laundering case against Supertech Group, its directors, and promoters originates from multiple FIRs filed by police in Delhi, Haryana, and Uttar Pradesh. The ED is investigating 26 FIRs for alleged criminal conspiracy, cheating, criminal breach of trust, and forgery, accusing the group of defrauding at least 670 homebuyers of Rs 164 crore.

According to the charge sheet, Supertech and its directors conspired to cheat homebuyers by collecting funds in advance against booked flats but failed to deliver possession as agreed. The ED claims the company diverted collected funds, misappropriating them for land acquisition in the name of other group companies used as collateral to borrow funds. The group defaulted on payments, resulting in approximately Rs 1,500 crore of loans becoming non-performing assets.

Established in 1988, Supertech Ltd has delivered around 80,000 apartments, primarily in the Delhi-NCR region. Currently, the company is developing about 25 projects across the National Capital Region, with possession pending for more than 20,000 buyers.

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