Supertech’s Assets Worth ₹ 40 Crore Attached On Money Laundering

The Enforcement Directorate (ED) has attached assets worth over ₹40 crore belonging to the real estate group Supertech and its directors under the Prevention of Money Laundering Act (PMLA). The attached assets include 25 immovable properties located in Uttarakhand’s Rudrapur and the ‘Meerut Mall’ in Uttar Pradesh’s Meerut town. The ED 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 and failed to adhere to its agreed obligations to provide the possession of the flats on time.
Probe found that the funds were collected by Supertech Ltd and group companies from homebuyers and also took project-specific term loans from banks/financial institutions for the purpose of construction of projects/flats, the ED alleged. The Enforcement Directorate (ED) has alleged that the Supertech group and its directors indulged in a criminal conspiracy to cheat people by collecting funds from prospective buyers as an advance against booked flats in their real estate projects and failed to adhere to their agreed obligations to provide possession of the flats on time. The funds were collected by Supertech Ltd and group companies from homebuyers and also took project-specific term loans from banks/financial institutions for the purpose of construction of projects/flats, but were allegedly 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 and financial institutions. The Supertech group also defaulted on its payments to banks/financial institutions, and around 1,500 crore of such loans have become non-performing assets (NPAs).