Enforcement Directorate (ED) has sought help of Mumbai-based National Securities Depository Limited (NSDL) in investigation on the multicrore cash for school job case in West Bengal.
RK Arora, the Supertech real estate developer’s chairperson has been arrested as part of the ongoing investigation of the Enforcement Directorate (ED) into a case of money laundering. The arrest took place on Tuesday. Arora, who was arrested from his office in Delhi was being summoned by the central agency for the past three days regularly. Late in the evening, Arora was arrested in a case of money laundering.
The probe had been started against the Supertech Group of Companies and others under the Prevention of Money Laundering Act (PMLA). The bases for the probe and subsequent arrest were the cases registered in Delhi, Haryana, and Uttar Pradesh.
As per the FIR, the directors and the company have been accused of cheating real estate home buyers by collecting money from them. As per the FIR, the real estate developers had also failed in not being able to hand over the flats to the respective buyers having already collected money.
The bigger accusation though is that the Supertech Group of Companies made money from two ends, got money from the buyers, and also procured a loan to construct the flats.
However, the funds were allegedly siphoned off and diverted to buy land.
This piece of land was subsequently mortgaged to repay the loan from the banks. In its probe, the ED said that the Supertech Group had also defaulted in making timely payments to the financial institutions and the banks from where they had procured loans. A net result of it was that loans worth ₹1,500 crore became NPAs. Earlier, in the month of April this year, the ED had attached properties worth ₹40 crores belonging to Supertech and its directors. This included 25 immovable assets in UP and Uttarakhand.