ED searches DLF in connection to Supertech money laundering case
THE JHARKHAND STORY NETWORK Advertisement New Delhi, Nov 25: As part of a money laundering probe against real estate company Supertech…
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THE JHARKHAND STORY NETWORK
New Delhi, Nov 25: As part of a money laundering probe against real estate company Supertech and its promoters, the Enforcement Directorate investigated the facilities of real estate behemoth DLF in Gurugram, official sources stated on Saturday.
They added that during the course of the last two days, the central agency was able to retrieve a few documents.
The sources stated that the action is related to the ED’s probe into Supertech.
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Searches don’t pertain to DLF: Company Sources
According to company sources, the searches were associated with other entities and did not involve DLF.
Company sources have mentioned that the ED officials sought to verify certain documents related to the transaction, and the company willingly facilitated the process.
ED arrested Supertech promoter in June
In June, the Enforcement Directorate arrested Ram Kishor Arora, the promoter of Supertech, in connection with this case. Currently, he is in judicial custody.
At that time, the Enforcement Directorate had accused Arora of being the primary controlling figure in the group responsible for diverting significant funds from investors and homebuyers to various shell companies.
Supertech defrauded homebuyers of Rs 164 crore
A total of 26 FIRs were filed against Supertech Limited and its group companies by the police departments of Delhi, Haryana, and Uttar Pradesh on charges of defrauding 670 homebuyers out of Rs 164 crore. These FIRs led to the filing of a money laundering case under the criminal provisions of the Prevention of Money Laundering Act (PMLA).
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Earlier, the Enforcement Directorate stated that “huge amounts of money running into hundreds of crores were siphoned off through Supertech Group and they failed to adhere to their agreed obligations to provide the possession of flats to customers on time”.
ED alleged that Supertech Group “siphoned off Rs 440 crore received from customers and homebuyers for purchasing land in Gurugram in 2013-14 at highly inflated prices while their already promised projects in Noida were not completed”.
According to ED’s allegation, Supertech, following the acquisition of the new land, a fresh project was initiated, attracting advance payments from numerous homebuyers and securing loans from banks/NBFCs. Subsequently, these loans turned non-performing assets (NPAs) and were labelled as “fraud” by the banks,.
