Enforcement Directorate Probes Supertech After Money-Laundering Complaints
The ED has initiated investigations against Supertech after receiving money-laundering complaints.
The Enforcement Directorate is investigating Supertech Ltd. after receiving several money-laundering complaints against the struggling developer.
The probe under the Prevention of Money Laundering Act, 2002, based on several FIRs, also covers its directors, promoters and others, Pankaj Chaudhary, minister of state for finance, said in a written reply in the Rajya Sabha. The investigation is not limited to any particular residential project, he said. Meaning, the agency’s investigation covers the Supertech Group.
The Union Bank of India, including other consortium banks, have sent a possession notice to the real estate developer for its ‘Supernova’ project in Noida on June 23, according to the reply.
Chaudhary reiterated that “necessary action” has been taken by the directorate to curb further "misdemeanour".
Earlier, the Supreme Court had ordered demolition of two of the company's towers in Noida citing violation of rules. And the court had asked the group to compensate homebuyers.