New Delhi: The Enforcement Directorate (ED) on Wednesday said it has attached 25 immovable properties at Rudrapur in Uttarakhand and Meerut in Uttar Pradesh, worth Rs 40.39 crore belonging to the Supertech Group of Companies and their directors in connection with a money laundering case.
Investigation under the provisions of the Prevention of Money Laundering Act (PMLA), against Supertech Group of Companies and others, was initiated on the basis of various FIRs registered by the Delhi Police, Haryana Police and Uttar Pradesh Police.
It was alleged in all the FIRs that the company and its directors indulged in a criminal conspiracy to cheat people by collecting funds from prospective buyers in advance against booked flats in their real estate projects and failed to adhere to its agreed obligations to provide the possession of the flats on time, and thus, as per FIRs, the company defrauded the public.
Investigation conducted by the ED under provisions of the PMLA revealed that the funds were collected by Supertech Ltd and group companies from homebuyers and also took project specific term loans from banks for the purpose of construction of flats.
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.
“Investigation further revealed that the Supertech Group also defaulted on its payments to the banks/ financial institutions and currently around Rs 1,500 crore of such loans have become NPA,” the ED said.
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