ED Searches Premises Of Realty Major DLF In Gurugram In Money Laundering Probe

(MENAFN- Live Mint) "The Enforcement Directorate has searched the premises of realty major DLF in Gurugram as part of a money laundering investigation against Real estate firm Supertech and its promoters, official sources told PTI said Saturday reported by PTI citing sources, the central agency has recovered some documents during the action that was carried out over the past few days.“The action is linked to the ED investigation against Supertech”, the sources said in June, the Enforcement Directorate (ED) had arrested a Supertech promoter also known as RAM Kishor Arora, in connection with a money laundering case.
Also Read: Supertech promoter Ram Kishor Arora main person behind diversion of homebuyers money to shell companies: EDIt was alleged that Arora served as the primary controlling figure within the group, making decisions to divert substantial funds from investors and homebuyers toward various shell companies case, filed under the criminal provisions of the Prevention of Money Laundering Act (PMLA), originates from 26 FIRs registered by the police departments of Delhi, Haryana, and Uttar Pradesh. These FIRs accuse Supertech Limited and its affiliated companies of defrauding 670 homebuyers, involving an amount totalling ₹164 crore ED had said“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”.Also Read: Supertech seeks time, NCLAT stays formation of committee of creditorsIt claimed that Supertech Group“siphoned off ₹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”.It was further alleged,“A new project was launched on this newly acquired land and further advance was collected from hundreds of homebuyers and loans were taken from banks/NBFCs which also became NPA and were declared“fraud” by banks.”Also Read: Supertech: Lender seeks ₹75 cr payment for considering one-time settlementEstablished in 1988, Supertech Ltd has successfully completed the construction and delivery of approximately 80,000 apartments, with a primary focus on the Delhi-National Capital Region (NCR) market. Presently, the company is actively engaged in the development of approximately 25 projects spread across the NCR. However, there remains a pending possession status for over 20,000 customers who are yet to receive delivery of their respective properties Read: Rise and fall of Noida Twin Towers: A timelineEarlier in August 2022, Supertech faced a significant setback when its twin towers, Apex and Ceyane, standing nearly 100 meters tall on the Noida Expressway, were demolished. This demolition was carried out in compliance with a Supreme Court order that deemed the construction of these towers within the Emerald Court premises as a violation of established norms. The demolition process involved the use of more than 3,700 kilograms of explosives to bring down the two towers the demolition of its twin towers in Noida, Arora stated that Supertech faced a substantial loss amounting to approximately ₹500 crore. This loss encompassed construction expenses and interest costs associated with the removal of the Twin Towers to its challenges, the company experienced another setback in the previous year when the Delhi bench of the National Company Law Tribunal (NCLT) issued an order in March. The directive initiated insolvency proceedings against Supertech Ltd in response to a petition filed by the Union Bank of India, citing non-payment of dues totalling around ₹432 crore.(With inputs from PTI)

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