Supertech Group of Companies and its Directors are currently facing a major setback, as the Enforcement Directorate (ED) provisionally attached 25 immovable properties worth Rs. 40.39 crores under the Prevention of Money Laundering Act (PMLA), 2002. The commercial properties are located at Rudrapur, Uttarakhand, and Meerut Mall, Meerut, U.P.
The ED has initiated the action after a thorough investigation, and the attachment of properties has been done with the aim to recover the proceeds of the crime that were allegedly laundered by the company and its directors. The Supertech Group has been under the scanner of ED for quite some time, and the current attachment of properties is a result of the investigation carried out by the agency.
The Supertech Group is a well-known name in the real estate sector and has been involved in several high-profile projects. The company has been in the news for all the wrong reasons in recent times, with allegations of fraud and money laundering surfacing against it. The ED has been investigating the company for several months now, and the attachment of properties is a major development in the case.
The ED has stated that the attached properties are proceeds of crime generated by the Supertech Group and its Directors. The agency has alleged that the company and its Directors used various means to launder the proceeds of crime, and the attachment of properties is a step towards recovering the laundered funds. The ED has also stated that further investigations are underway, and more action will be taken in due course of time.
The attachment of properties by the ED has sent shockwaves across the real estate sector, and the move is likely to have a far-reaching impact on the industry.
