Patiala House Court Reserves Order in Money Laundering Case Against Supertech Chairman

Patiala House Court Reserves Order in Money Laundering Case Against Supertech Chairman
Patiala House Court Reserves Order in Money Laundering Case Against Supertech Chairman
Patiala House Court Reserves Order in Money Laundering Case Against Supertech Chairman
Patiala House Court Reserves Order in Money Laundering Case Against Supertech Chairman

Patiala House Court Reserves Order in Money Laundering Case Against Supertech Chairman

Patiala House Court Reserves Order in Money Laundering Case Against Supertech Chairman

Delhi’s Patiala House Court has deferred its decision on the prosecution complaint (chargesheet) filed by the Enforcement Directorate (ED) against R K Arora, Chairman and Promoter of Supertech, in connection with a money laundering case. The order was reserved after arguments from ED’s Special Public Prosecutors Naveen Kumar Matta and Manish Jain. The court has scheduled September 26, 2023, for the announcement of its verdict. Additionally, Advocate RK Handoo represented RK Arora and submitted a default bail plea.

ED Files Chargesheet Against Supertech Chairman

The ED recently submitted a prosecution complaint against RK Arora, Chairman of Supertech, in the Patiala House Court, concerning a money laundering case. Arora had been arrested on June 27 under the provisions of the Prevention of Money Laundering Act (PMLA). Last week, the Delhi High Court dismissed Arora’s plea challenging the grounds of his arrest. The court emphasized that Arora had been duly informed and notified of the reasons for his arrest, as required by law.

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Allegations of Cheating Home Buyers

The ED informed the court that 26 FIRs had been registered by various police agencies, including the Economic Offences Wing (EOW) of Delhi Police, Haryana Police, and UP Police, against Supertech Limited and its group companies. These FIRs were filed under sections such as 120B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 467, and 471 of the Indian Penal Code (IPC). The allegations revolved around cheating approximately 670 homebuyers of Rs 164 crore.

Misappropriation of Funds

The ED further alleged that Supertech Ltd. had diverted the collected amount to its group companies for the acquisition of properties that were significantly undervalued. The accused individuals were accused of acquiring properties and making wrongful gains from the proceeds of the crime, involving various criminal activities related to scheduled offenses.

Money Laundering Charges

The ED stated that a prima facie case had been established for the commission of offenses punishable under Section 3 and Section 4 of the Prevention of Money Laundering Act (PMLA). The case highlights the seriousness of money laundering allegations and underscores the legal proceedings against individuals accused of financial irregularities.

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