ED searches DLF Gurugram office to cross-verify third party transactions involving Supertech
The Enforcement Directorate (ED) on Saturday carried out searches on the premises linked to DLF at its headquarters in Gurugram in connection with some third party transactions, sources said.
As per the sources, the financial probe agency searched the premises of the DLF on Thursday and Friday in connection with a third party issue.
The DLF was asked to cross verify a few transactions that have taken place which do not belong to the DLF.
The central agency was keen on cross-verifying specific documents concerning land purchases made by DLF from Supertech and the involvement of a local Haryana politician, the sources said.
During searches, DLF extended complete cooperation to the agency sleuths and also provided the requested documents to them.
After the ED arrested Supertech Limited Promoter Director Ram Kishor Arora on June 27 this year, it alleged that he diverted hundreds of crores of rupees collected from home buyers and investors to shell companies instead of completing its projects.
The ED probe showed that in one of the transactions, Supertech Group siphoned Rs 440 crore received from customers, home buyers for purchasing land in Gurugram in 2013-14 at highly inflated prices while their already promised projects in Noida were not completed yet.
It claimed that the new project was launched on this newly acquired land and further advance was collected from hundreds of home buyers and loans were taken from banks or NBFCs which also became NPA and were declared fraud by banks.
“Similarly, Rs 154 crore was misappropriated by Supertech for acquiring land in another shell company in the same time period,” the probe said.
Also, Rs 40 crore were siphoned off to another shell company and land was purchased in the name of it in Delhi. In such a manner, funds were diverted to shell companies instead of completing its projects which in fact are not completed till date even in 2023.
During this period, Arora was the main controlling and decision making authority for Supertech Group and decided to divert the investors’ money to various shell companies.