Supertech Chief RK Arora Detained Over Alleged Financial Misconduct
In a significant development, RK Arora, the influential promoter behind Supertech, is in the custody of the Enforcement Directorate (ED) over allegations of money laundering, as informed by sources. With a court appearance anticipated on Wednesday, the ED is poised to request an extended detention period.
Arora’s apprehension came in the wake of three intensive interrogations and is grounded on provisions of the Prevention of Money Laundering Act (PMLA). Alarmingly, there are over 20 FIRs against him, spanning regions such as Delhi, Uttar Pradesh, and Haryana, primarily stemming from grievances lodged by disgruntled homebuyers.
These buyers contend that Supertech and its board orchestrated a “calculated deception”, where they collected advance payments for residential units in their housing ventures. Contrary to the commitments made, these homes were not handed over within the promised timeline, as outlined by the central investigative body.
Financial Shenanigans?
Peeling back the layers, the ED’s probe brought to light a series of alleged financial discrepancies. As the narrative goes, Supertech and its subsidiary entities secured funds from prospective homeowners and availed project-based loans from financial establishments. This capital, rather than being used as intended, was supposedly funneled into acquiring land holdings via other affiliated companies. These plots were subsequently used as leverage for additional financial borrowings.
Compounding concerns, the Supertech conglomerate seems to have faltered on its bank obligations, with around ₹1,500 crore now labeled as non-performing assets. In a move signaling the severity of the situation, assets pegged over ₹40 crore linked to Supertech and its directors were seized earlier in April, as per the ED’s statement.
(Image Credit: rkaroraofficial)
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