Supertech promotor RK Arora arrested by Enforcement Directorate in cash laundering case
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There are greater than 20 FIRs towards RK Arora in Delhi, Uttar Pradesh and Haryana.
RK Arora, the promoter of actual property group Supertech, has been arrested by the Enforcement Directorate in an alleged cash laundering case, sources mentioned. He's more likely to be produced earlier than a particular court docket on Wednesday, and the central company will search his custody.
RK Arora was arrested underneath the PMLA (Prevention of cash laundering) Act after three rounds of questioning.
There are greater than 20 FIRs (First Data Experiences) towards him in Delhi, Uttar Pradesh and Haryana based mostly on complaints filed by consumers.
The consumers had alleged that the corporate and its administrators indulged in "legal conspiracy" to cheat individuals by amassing funds from potential consumers as an advance towards booked flats of their actual property initiatives. However they failed to stick to it and provides possession of the flats on time, the central company had mentioned.
The FIRs alleged that the corporate had "defrauded" most of the people, the ED had mentioned.
Investigation revealed that Supertech Ltd and group firms collected cash from homebuyers and took project-specific time period loans from banks/monetary establishments for initiatives/flats. However the funds had been diverted to buy land within the title of different group firms, which had been once more pledged as collaterals to borrow funds, the ED alleged.
The Supertech group had additionally "defaulted" on its funds to the banks and monetary establishments and at the moment, round Rs 1,500 crore of such loans have grow to be non-performing asset, the company had mentioned.
In April, property price greater than Rs 40 crore of Supertech and its administrators had been connected underneath the anti-money laundering regulation, the Enforcement Directorate had mentioned.
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