ED Raids DLF Premises in Money Laundering Probe

ED Raids DLF Premises in Money Laundering Probe

VoM News Desk | November 25, 2023 | 03:22 PM IST | Crime | Follow on Google News

ED Raids DLF Premises in Money Laundering Probe

ED Raids DLF Premises in Money Laundering Probe

The Enforcement Directorate (ED) has conducted searches at the premises of real estate giant DLF in Gurugram. This action is part of a wider investigation into money laundering allegations against Supertech and its promoters.

The raid on DLF is linked to the ED’s ongoing investigation into Supertech, a real estate firm accused of diverting funds from investors and homebuyers. Supertech’s promoter RK Arora was arrested in June over allegations of siphoning off funds into various shell companies.

Investigation Details and Recoveries

During the searches at DLF, the ED recovered several documents. These actions were based on multiple FIRs against Supertech and its group companies, accusing them of cheating around 670 homebuyers of Rs 164 crore.

The ED has claimed that Supertech siphoned off large sums of money, failing to deliver promised projects on time. This includes diverting Rs 440 crore meant for projects in Noida to purchase overpriced land in Gurugram, leading to project delays and bank loans turning into NPAs.

Supertech’s Struggles and Legal Setbacks

Supertech has been facing a crisis, with over 20,000 customers still awaiting possession of their homes. In 2022, the company faced a major setback when the Supreme Court ordered the demolition of its twin towers in Noida for violating norms. The demolition reportedly resulted in a loss of around Rs 500 crore for Supertech. Additionally, insolvency proceedings were initiated against the company over non-payment of dues.

RK Arora has challenged the NCLT’s decision to initiate insolvency proceedings against Supertech, further complicating the legal landscape for the embattled real estate firm.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.