The Enforcement Directorate contends that Supertech Limited and its subsidiaries collected funds from home buyers, diverting project-specific loans for purchasing land in the name of other group companies.
In a significant development, a Delhi court has deferred its decision on the interim bail plea of R K Arora, the chairman and driving force behind real estate giant Supertech Group, who stands accused in a money laundering case. Arora, seeking temporary release for health reasons, asserts a loss of around 10 kg since his arrest and claims an urgent need for medical attention. The court, presided over by Additional Sessions Judge Devender Kumar Jangala, will deliver its verdict on January 16, following arguments from the Enforcement Directorate and the defense.
Arora’s arrest on June 27, 2023, under the Prevention of Money Laundering Act (PMLA) triggered investigations into the Supertech group, its directors, and promoters. The case originates from multiple FIRs filed by police in Delhi, Haryana, and Uttar Pradesh. The Economic Offences Wing of these states registered 26 FIRs, alleging criminal conspiracy, cheating, breach of trust, and forgery against Supertech Ltd and its affiliates, accusing them of defrauding over 670 home buyers of Rs 164 crore.
The Enforcement Directorate contends that Supertech Limited and its subsidiaries collected funds from home buyers, diverting project-specific loans for purchasing land in the name of other group companies. These lands were then pledged as collateral to borrow additional funds, leading to defaults on payments to banks and financial institutions. The ensuing financial turmoil rendered 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, and is currently involved in the development of 25 projects across the National Capital Region. However, possession remains pending for more than 20,000 buyers, adding a layer of complexity to the ongoing legal proceedings.
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