Judge Devender Kumar Jangala issued a production warrant for Supertech chairman R K Arora to appear on Oct 31
A Delhi court on Tuesday took cognizance of a charge sheet filed by the Enforcement Directorate (ED) against the chairman and promoter of real estate group Supertech in a money laundering case. Special Judge Devender Kumar Jangala said “prima facie” there was sufficient incriminating evidence against the accused in the case.
The judge summoned the co-accused Neha Talreja and the authorized representatives of accused companies — Supertech Ltd, Sarv Realtors Pvt Ltd, ASP Sarin Realty Pvt Ltd, Palash Building Solutions Pvt Ltd, Goodtime Builders Pvt Ltd, Daamodar Buildengineers Pvt Ltd, Doonvalley Technopolis and R K Arora Family Trust — for October 30. The judge also issued a production warrant against Arora and directed the jail officials concerned to produce him before the court on October 30. R K Arora was arrested by ED in June 2023.[1]
The ED on August 24 filed the charge sheet against Arora, Supertech Group, and eight others in the money laundering case. They have been accused of defrauding at least 670 homebuyers of Rs.164 crore.
The nearly 100-page prosecution complaint, ED’s equivalent of a charge sheet, claimed there was sufficient evidence to prosecute the accused. The money laundering case against the Supertech Group, its directors, and promoters stems from a clutch of FIRs registered by police in Delhi, Haryana, and Uttar Pradesh.
During the hearing on Monday, ED’s Special Public Prosecutor N K Matta had told the court that the anti-money laundering agency was probing the matter related to 26 FIRs registered by the Economic Offences Wing (EOW) of Delhi, Haryana, and Uttar Pradesh police against Supertech Limited and its group companies for alleged criminal conspiracy, cheating, criminal breach of trust and forgery.
According to the ED charge sheet, the company and its directors hatched a “criminal conspiracy” to cheat people by collecting funds from prospective homebuyers as an advance against flats booked in their real estate projects. The company also took project-specific term loans from banks and financial institutions for the purpose of construction of housing projects, the ED said.
The Supertech Group also defaulted on payments to banks and financial institutions, and currently around Rs.1,500 crore of such loans have become non-performing assets (NPA), the agency said. Supertech Ltd, which was formed in 1988, has so far delivered around 80,000 apartments, mainly in Delhi-NCR. The company is currently developing around 25 projects across the National Capital Region (NCR). It is yet to give possession to more than 20,000 customers.
The company has been plagued by crisis since 2022 when in August its nearly 100-metre-tall twin towers – Apex and Ceyane – located on Noida Expressway, were demolished following an order of the Supreme Court which found they were constructed within the Emerald Court premises in violation of norms. In August 2022, the Supreme Court ordered the demolition of 40 stories twin towers of Supertech, constructed illegally, violating all norms.[2]
Reference:
[1] ED arrests real estate firm Supertech Group Chairman R K Arora in money laundering case – Jun 28, 2023, PGurus.com
[2] Supreme Court fixes August 28 for razing of twin 40-storey towers of Supertech in Noida – Aug 12, 2022, PGurus.com
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