R.Ok. Arora has been arrested by the Enforcement Directorate(ED) in a cash laundering case.
R.Ok. Arora was summoned three days in the past and was being questioned by the ED for the previous three days. After being questioned on Tuesday he was detained by the company.
On April 11 properties value Rs 40.39 crore have been hooked up to Supertech and its director’s belongings. It included a mall in Meerut of Uttar Pradesh and 25 unbudgeable property in Uttarakhand. The motion was taken by the ED after a number of FIRs have been registered towards RK Arora in Delhi, Haryana and UP.
“It was alleged that the corporate and its Administrators indulged in felony conspiracy to cheat individuals by accumulating funds from potential consumers as advance towards booked flats… and failed to stick to agreed obligations to offer possession of flats on time and as per FIRs, firm defrauded the general public,” an ED spokesperson had stated.
Investigation end result
The investigation by the ED was led beneath the Prevention of Cash Laundering Act(PMLA). The investigation divulged that firm cumulated advances from residence consumers and took the mortgage from banks for the development of those flats. The cash concerned was by no means used for the development of those flats and was diverted to buy land for the opposite firm’s of the group. Additional investigation divulges that the realty firm defaulted on their loans to monetary firms and loans of Rs1,500 crore have turned out to be Non-Performing Asset.
“Investigation revealed that funds have been collected by Supertech Ltd and group firms from homebuyers and (they) took venture particular time period loans from banks/monetary establishments for…tasks/ flats. Nevertheless, these funds have been misappropriated and diverted for buy of land in title of different group firms that have been once more pledged as collateral to borrow funds…,” the spokesperson had stated.
