NEW DELHI: A Delhi court is likely to decide on Tuesday whether to take cognisance of the charge sheet filed against R K Arora, the chairman and promoter of real estate group Supertech, in a money laundering case.
Special Judge Devender Kumar Jangala reserved the order on Monday, after the conclusion of arguments.
The ED had on August 24 filed the charge sheet against Arora, Supertech Group, and eight others in the money laundering case.
They have been accused of defrauding at least 670 homebuyers of Rs 164 crore. Arora was arrested on June 27 under the criminal sections of the PMLA after three rounds of questioning. According to the ED charge sheet, the company and its directors hatched a “criminal conspiracy” to cheat people by collecting funds from prospective homebuyers as an advance against flats booked in their real estate projects.
The company allegedly did not adhere to the agreed obligation of providing possession of the flats on time and “defrauded” the general public, the agency said, adding the funds were collected by Supertech and other group companies.
The company also took project-specific term loans from banks and financial institutions for the purpose of construction of housing projects. However, these funds were “misappropriated and diverted” for buying land in the name of other group companies. The Group also defaulted on pa ments to banks. financial institutions, and currently around Rs 1,500 crore of such loans have become NPA, ED said.