Under the terms of the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement (ED) arrested Ram Kishor Arora [Promoter/Director of Supertech Limited] on June 27, 2023. The arrest is related to the investigation into Supertech Group for diverting, syphoning off, and misappropriating monies from investors/customers.
The ED launched a probe after receiving many FIRs from potential homebuyers against Supertech Group. The ED inquiry revealed that a large sum of money totalling hundreds of crores was syphoned off through Supertech Group, and they failed to meet their agreed-upon duties to give clients ownership of the flats on time.
The ED investigation revealed that, in one of the transactions, Supertech Group syphoned Rs. 440 Crore obtained from customers/homebuyers for acquiring land in Gurugram at substantially inflated prices in 2013-14, while their already promised projects in Noida remained unfinished. On this freshly purchased site, a new project was started, more advances were collected from hundreds of homebuyers, and loans were obtained from banks/NBFCs, which likewise became NPAs and were deemed fraudulent by banks. Similarly, Supertech stole Rs. 154 Crore for land acquisition in another shell business during the same time period. In addition, Rs. 40 crores were syphoned off to another shell business, and land in Delhi was acquired in its name.
As a result, monies were moved to shell firms rather than finishing its projects, which are still unfinished even in 2023. During this time, Ram Kishor Arora, the Supertech Group’s promoter, was the major controlling and decision-making authority, and he chose to move the investors’ money to numerous shell firms.
Ram Kishor Arora’s detention had become necessary for the inquiry since he was dodging inquiries and offering deceptive answers. As a result, Ram Kishor Arora was arrested on June 27, 2023, and brought before the Hon’ble Designated Special PMLA Court on June 28, 2023. The ED has been awarded custody of Ram Kishor Arora by the Hon’ble Court until July 10th. More research is being conducted.
