Shares of DLF opened flat on November 28 after a search on the Gurugram premises of the realty major by the Enforcement Directorate (ED) last week. At close on November 25, the stock was trading at Rs 630.75, nearly 1 percent lower than open.
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In a regulatory filing, DLF said that the ED had on November 25 searched its premises as part of a money laundering investigation against real estate firm Supertech and its promoters. In the filing, the company said that the officials sought details of transactions relevant to the probe. "The company extended full cooperation by providing them all relevant documents in this regard. We would like to re-iterate that the transactions were conducted in the ordinary course of business," it said.
According to the officials, the ED has recovered some documents during the search over the past few days and said the action is linked to investigation against Supertech.
Also read: ED searches realty major DLF in money laundering case against Supertech
RK Arora, the chairperson of real estate developer Supertech, was arrested in June 2023 on allegations of cheating around 670 home buyers for Rs 164 crore. The ED has alleged that Arora served as the primary controlling figure within the group, making decisions to divert substantial funds from investors and homebuyers towards various shell companies.
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