ED Searches DLF Premises In Gurugram In Connection With Money Laundering Case Against Supertech

The Enforcement Directorate has carried out search operation at the premises of realty major DLF in Gurugram in connection with a money laundering probe against real estate giant Supertech and its promoters, said a PTI report quoting official sources.

The ED action is part of a larger probe into Supertech and its promoters, who allegedly defrauded homebuyers of Rs 164 crore. The Enforcement Directorate is examining if there are possible links between DLF and Supertech, especially financial dealings between the two firms.

According to the report, the ED seized documents and other evidence from DLF's offices. However, it is still unclear as to what specific information the ED is searching for and what role DLF may have played in the alleged money laundering scheme.

In June 2022, the central agency arrested Supertech promoter, Ram Kishor Arora, on allegations of diverting funds from investors and homebuyers to several shell companies. Arora was also implicated in a money laundering case filed under several criminal sections of the Prevention of Money Laundering Act (PMLA).

The case filed under the criminal provisions of PMLA originates from 26 FIRs filed by Delhi, Haryana, and Uttar Pradesh police departments against Supertech and its associates. The company is accused of defrauding 670 homebuyers of Rs. 164 crore.

According to media reports, the ED had said, "huge amounts of money running into hundreds of crores were siphoned off through Supertech Group and they failed to adhere to their agreed obligations to provide the possession of flats to customers on time".

Last year, the company faced another setback when after the Delhi bench of the National Company Law Tribunal (NCLT) order, insolvency proceedings were initiated against Supertech in response to a petition filed by the Union Bank of India over 'non-payment of dues' amounting to roughly Rs 432 crore.