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The Enforcement Directorate (ED) on Tuesday arrested R K Arora, chairman of the construction company Supertech, in a money laundering case.
“Arora was summoned three days ago and his questioning was going on, but the investigation officer decided to arrest him on Tuesday evening after his questioning,” an official said.
On April 11, the ED had attached properties worth Rs 40.39 crore belonging to Supertech and its directors. It included 25 immovable assets in Uttarakhand and Meerut Mall in Uttar Pradesh’s Meerut. The ED had initiated a probe against Supertech Group of Companies and others under Prevention of Money Laundering Act on basis of FIRs registered by Delhi Police, Haryana Police and UP Police.
“It was alleged that the company and its Directors indulged in criminal conspiracy to cheat people by collecting funds from prospective buyers as advance against booked flats… and failed to adhere to agreed obligations to provide possession of flats on time and as per FIRs, company defrauded the public,” an ED spokesperson had said.
“Investigation… revealed that funds were collected by Supertech Ltd and group companies from homebuyers and (they) took project specific term loans from banks/financial institutions for…projects/ flats. However, these funds were misappropriated and diverted for purchase of land in name of other group companies that were again pledged as collateral to borrow funds…,” the spokesperson had said.
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