The Enforcement Directorate (ED) has conducted searches at the premises of real estate giant DLF in Gurgaon as part of an ongoing money laundering investigation against Supertech, a real estate firm, and its promoters, according to official sources.
Over the last two days, ED teams retrieved documents during the searches. Sources indicate that the investigation is focused on verifying specific documents related to land transactions between DLF, Supertech, and other parties.
DLF released a statement confirming the visit by ED officials and the company’s cooperation in providing relevant documents. DLF emphasized that the transactions under scrutiny were conducted in the regular course of business, asserting their commitment to compliance with all applicable laws.
The ED initiated the probe against Supertech Group under the Prevention of Money Laundering Act (PMLA) based on FIRs filed by Delhi Police, Haryana Police, and Uttar Pradesh Police following complaints from prospective homebuyers.
Ram Kishor Arora, the promoter/director of Supertech Limited, was arrested by the ED on June 27 under the provisions of the PMLA. The arrest was made in connection with the investigation into Supertech Group’s alleged diversion and misappropriation of funds from investors and customers.
The ED spokesperson revealed that the investigation uncovered substantial sums, amounting to hundreds of crores, being siphoned off by Supertech Group. The funds were diverted through various transactions, including the purchase of land in Gurgaon at inflated prices, launch of new projects, and misappropriation for acquiring land through shell companies.
The spokesperson further detailed instances where funds were diverted to shell companies, leading to incomplete projects despite promises to homebuyers. Before Arora’s arrest, the ED had attached properties worth Rs 40.39 crore belonging to Supertech and its directors on April 11, including immovable assets in Uttarakhand and Meerut Mall in Uttar Pradesh.