BuzzBytes New Delhi, Nov 26: The Enforcement Directorate (ED) has conducted searches at the Gurugram premises of realty major DLF as part of a money laundering investigation related to real estate firm Supertech and its promoters, according to official sources.
Over the last two days, the central agency recovered some documents during the action linked to the ongoing ED investigation against Supertech. In response, DLF released a statement in a stock market filing, confirming the visit by ED officials seeking information related to the Supertech investigation. DLF extended full cooperation, providing all relevant documents, as stated in the company’s filing.
Supertech promoter R K or Ram Kishor Arora was arrested by the ED in June in connection with the case. The ED had alleged that Arora, as the main controlling person, diverted funds of investors and homebuyers to various shell companies.
The money laundering case, filed under the criminal sections of the Prevention of Money Laundering Act (PMLA), originated from 26 FIRs registered by police departments in Delhi, Haryana, and Uttar Pradesh. The allegations include cheating 670 homebuyers for an amount of Rs 164 crore.
The ED claimed 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 failing to complete promised projects in Noida. The investigation revealed the launch of a new project on the acquired land, with further advances collected from homebuyers and loans taken from banks/NBFCs, which subsequently became NPA and were declared as fraud by banks.
Supertech Ltd, established in 1988, has delivered around 80,000 apartments, mainly in the Delhi-NCR market. The company is currently developing approximately 25 projects across the National Capital Region (NCR), with possession yet to be provided to more than 20,000 customers.
