Saturday, July 20, 2024

ED probes DLF in supertech’s money laundering case

The Enforcement Directorate (ED) has conducted searches at the Gurugram premises of realty major DLF in connection with a money laundering investigation involving real estate firm Supertech and its promoters, according to official sources on Saturday.

Over the last two days, the central agency recovered documents during the operation linked to the ED’s investigation against Supertech, the sources stated. An email sent by PTI to DLF did not receive a response. Nevertheless, company sources asserted that the searches pertained to other parties and were unrelated to DLF.

ED officials sought to verify certain transaction-related documents, which the company reportedly cooperated with, as per company sources. In June, the ED arrested Supertech promoter R K or Ram Kishor Arora in the same case, alleging his involvement in diverting funds of investors and homebuyers to shell companies.

The money laundering case, filed under the Prevention of Money Laundering Act (PMLA), originated from 26 FIRs against Supertech Limited and its group companies for cheating 670 homebuyers for Rs 164 crore. The ED claimed that Supertech Group siphoned off Rs 440 crore from customers while failing to meet obligations for possession of flats on time.

Supertech Ltd, established in 1988, has delivered around 80,000 apartments, mainly in the Delhi-NCR market. The company, currently developing approximately 25 projects in the National Capital Region (NCR), has faced challenges, including the demolition of its twin towers in Noida in 2022 and insolvency proceedings initiated in 2021.

Leave a Reply