Supertech Promotor RK Arora Arrested In Money Laundering Case
NDTV
Supertech collected money from homebuyers and took loans from banks for specific projects. But the money was diverted to buy land, which was again pledged as collateral to borrow funds, the ED alleged.
RK Arora, the promoter of real estate group Supertech, has been arrested by the Enforcement Directorate in an alleged money laundering case, sources said. He is likely to be produced before a special court on Wednesday, and the central agency will seek his custody.
RK Arora was arrested under the PMLA (Prevention of money laundering) Act after three rounds of questioning.
There are more than 20 FIRs (First Information Reports) against him in Delhi, Uttar Pradesh and Haryana based on complaints filed by buyers.
The buyers had alleged that the company and its directors indulged in "criminal conspiracy" to cheat people by collecting funds from prospective buyers as an advance against booked flats in their real estate projects. But they failed to adhere to it and give possession of the flats on time, the central agency had said.
