ED seizes more than Rs 40 crore worth of Supertech Group assets due to allegations of money laundering.

NEW DELHI: According to the Enforcement Directorate (ED), assets belonging to the real estate firm Supertech and its directors worth more than Rs 40 crore have been seized in accordance with the anti-money laundering statute.

According to the rules of the Prevention of Money Laundering Act (PMLA), a provisional order was issued on Tuesday to attach 25 immovable assets located in Rudrapur, Uttarakhand, and the “Meerut Mall” in Meerut, Uttar Pradesh.

It stated that the total market value of the attached assets is Rs. 40.39 crores.

A number of FIRs filed by the police in Delhi, Haryana, and Uttar Pradesh led to the money laundering case against the Super tech organization.

The ED claimed that the company and its directors engaged in a “criminal conspiracy” to defraud people by collecting money from potential buyers as an advance against booked apartments in their real estate projects and failing to uphold its agreed-upon obligations to deliver the apartments’ possession on schedule.

As a result, the FIRs claim that the business “defrauded” the public.

The ED claimed that an investigation determined the money was obtained by Supertech Ltd and associated entities from homeowners as well as project-specific term loans from banks and financial organizations for the purpose of building projects and flats.

But according to the report, these funds were “misappropriated and diverted” to buy land in the names of other group companies, which were then again pledged as security to borrow money from banks and other financial institutions.

According to the ED, the Supertech group also “defaulted” on its payments to banks and other financial institutions, and as a result, around 1,500 crores of these loans are today NPAs (non-performing assets).