A Delhi court has sent RK Arora, chairman of Noida-based real estate firm Supertech to judicial custody till July 24 in connection with a money laundering case, sources said.
Patiala House court additional sessions judge Devender Kumar Jangala gave the ruling on July 10.
The Enforcement Directorate (ED) presented Arora before the Patiala House court at the end of his remand custody. Arora was arrested by the ED in connection with a money laundering case on June 27. The court had on June 28 remanded the realtor to ED custody for interrogation, which ended on July 10.
There was no response from the builder to queries sent by Moneycontrol.
The ED in a statement on June 28 had said that Arora was taken into custody under the criminal sections of the Prevention of Money Laundering Act (PMLA), 2002, following a third round of questioning at the agency's office.
Also Read: Failure to pay dues: Supertech CMD briefly detained; later released
The arrest was made in connection with the investigation on Supertech Group for diverting, siphoning off and misappropriating funds of investors/customers, the ED had said in a statement.
The ED initiated an investigation on the basis of several FIRs registered against Supertech Group by its prospective homebuyers. The ED in a statement said that its investigation showed that huge amounts of money running into hundreds of crores were siphoned off by Supertech Group, which failed to adhere to its agreed obligations to provide the possession of flats to customers on time.
Also Read: SC gives go-ahead to resolution plan submitted by Supertech before insolvency court
The investigation done by ED showed that in one of the transactions, Supertech Group siphoned Rs 440 crore received from customers/homebuyers for purchasing land in Gurugram in 2013-14 at highly inflated prices while its already promised projects in Noida were not completed, the agency said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
