Supertech Chairman RK Arora Arrested in Money Laundering Case
Delhi’s PMLA court at Patiala House premises witnessed the appearance of RK Arora, the chairman of real estate company Supertech, who has been embroiled in a money laundering case. The Enforcement Directorate (ED) apprehended Arora on Tuesday, and after three days of questioning, he has now been remanded to ED custody until July 10. Various FIRs have been filed against Supertech in Delhi, Haryana, and Uttar Pradesh, leading to the ED initiating a money laundering case against the Supertech group, its directors, and promoters. The ED had previously seized assets valued at over Rs 40 crore belonging to Supertech and its directors in April this year.
Allegations of Cheating and Embezzlement Surface in FIR against RK Arora and Supertech
The allegations against RK Arora and Supertech, as mentioned in the FIR, involve cheating through the acceptance of advance payments for booked flats. The ED’s investigation has revealed that Arora obtained loans from banks based on the amount paid by flat buyers and subsequently misappropriated the funds. Additionally, Arora acquired loans from banks by purchasing land under the name of other companies. Due to non-payment of loans, approximately Rs 1,500 crore worth of loans turned into non-performing assets.
This recent development has caused significant reactions and attention within the industry and beyond. The legal proceedings will continue as authorities delve deeper into the alleged financial misconduct perpetrated by RK Arora and Supertech.