Supertech cash laundering case: In connection to the cash laundering fees, the Enforcement Directorate (ED) hooked up assets price greater than Rs 40 crore of actual property group Supertech. Further, its directors have additionally been booked below the anti-money laundering legislation, the ED stated on Wednesday.
Earlier on April 11, an order was issued below the provisions of the Prevention of Money Laundering Act (PMLA), to connect 25 immovable properties positioned in Uttarakhand’s Rudrapur and the ‘Meerut Mall’ in Uttar Pradesh’s Meerut city. “The total value of these attached assets is worth Rs 40. 39 crore,” the ED stated in a press release.
Probe discovered that the funds have been collected by Supertech Ltd and group firms from homebuyers and likewise took project-specific time period loans from banks/monetary establishments for the aim of building of tasks, the ED alleged.
However, these funds have been “misappropriated and diverted” for the acquisition of land within the identify of different group firms that have been once more pledged as collaterals to borrow funds from banks and monetary establishments, it added.
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About the case
The cash laundering case in opposition to the Supertech group stems from a quantity of FIRs registered by the police departments in Delhi, Uttar Pradesh and Haryana. A quantity of FIRs filed by the police in Delhi, Haryana, and Uttar Pradesh led to the cash laundering case in opposition to the Supertech organisation.
The ED claimed that the corporate and its directors engaged in a “criminal conspiracy” to defraud individuals by accumulating cash from potential patrons as an advance in opposition to booked flats of their actual property tasks and failing to uphold its agreed-upon obligations to ship the flats’ possession on schedule.
The Supertech group additionally “defaulted” on its funds to the banks/monetary establishments and at the moment round 1,500 crore of such loans have turn out to be Non-Performing Assets (NPA), the ED added.
(With PTI inputs)
