Supertech money laundering case: In connection to the money laundering charges, the Enforcement Directorate (ED) attached assets worth more than Rs 40 crore of real estate group Supertech. Further, its directors have also been booked under the anti-money laundering law, the ED said on Wednesday.
Earlier on April 11, an order was issued under the provisions of the Prevention of Money Laundering Act (PMLA), to attach 25 immovable properties located in Uttarakhand's Rudrapur and the 'Meerut Mall' in Uttar Pradesh's Meerut town. "The total value of these attached assets is worth Rs 40. 39 crore," the ED said in a statement.
Probe found that the funds were collected by Supertech Ltd and group companies from homebuyers and also took project-specific term loans from banks/financial institutions for the purpose of construction of projects, the ED alleged.
However, these funds were "misappropriated and diverted" for the purchase of land in the name of other group companies that were again pledged as collaterals to borrow funds from banks and financial institutions, it added.
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About the case
The money laundering case against the Supertech group stems from a number of FIRs registered by the police departments in Delhi, Uttar Pradesh and Haryana. A number of FIRs filed by the police in Delhi, Haryana, and Uttar Pradesh led to the money laundering case against the Supertech organisation.
The ED claimed that the company and its directors engaged in a "criminal conspiracy" to defraud people by collecting money from potential buyers as an advance against booked apartments in their real estate projects and failing to uphold its agreed-upon obligations to deliver the apartments' possession on schedule.
The Supertech group also "defaulted" on its payments to the banks/financial institutions and currently around 1,500 crore of such loans have become Non-Performing Assets (NPA), the ED added.
(With PTI inputs)
