Arora secured relief on a personal bond of Rs 1 lakh and two sureties of an equal amount. However, the court imposed strict conditions, directing the accused not to leave the National Capital Territory of Delhi or the country without prior court permission. Furthermore, Arora has been instructed to surrender his passport.
In a significant development, a Delhi court has granted a 30-day interim bail to R K Arora, the chairman and promoter of Supertech Group, a major player in the real estate sector. The decision, made by Additional Sessions Judge Devender Kumar Jangala, comes in the backdrop of a money laundering case.
Arora secured relief on a personal bond of Rs 1 lakh and two sureties of an equal amount. However, the court imposed strict conditions, directing the accused not to leave the National Capital Territory of Delhi or the country without prior court permission. Furthermore, Arora has been instructed to surrender his passport.
The judge emphasized, “The applicant shall not tamper with evidence nor otherwise indulge in any act or omission that is unlawful or that would prejudice the proceedings in the pending matter.” The interim bail is specifically granted for medical reasons, including necessary treatment, surgery, nursing care, and nutritional support.
To ensure compliance, Arora is required to provide his mobile phone number to the investigating officer, maintain an active and switched-on phone, and share his live location daily in the morning and evening. Additionally, he is prohibited from operating any bank account of the accused companies.
Arora had sought interim bail for three months, citing various health issues. He claimed to have lost approximately 10 kg since his arrest 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 registered by police in Delhi, Haryana, and Uttar Pradesh. The Enforcement Directorate is investigating 26 FIRs, alleging criminal conspiracy, cheating, criminal breach of trust, and forgery.
According to the charge sheet, Supertech and its directors engaged in a “criminal conspiracy” to defraud homebuyers. The company collected funds in advance but failed to provide possession of flats on time, leading to the alleged defrauding of at least 670 homebuyers of Rs 164 crore.
The ED’s probe revealed funds were collected from homebuyers and misappropriated for buying land in the name of other group companies. These lands were then pledged as collateral for borrowing funds from banks, resulting in defaults on payments and rendering approximately Rs 1,500 crore of loans as non-performing assets.
Established in 1988, Supertech Ltd has delivered around 80,000 apartments primarily in the Delhi-NCR region. Currently managing around 25 projects across the National Capital Region, the company is yet to provide possession to over 20,000 buyers.
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