A Delhi court today granted regular bail to Supertech promoter Ram Kishor Arora in a Rs 700 crore money laundering case lodged by the Enforcement Directorate (ED). The Patiala House Court’s Additional Sessions Judge (ASJ) Devender Kumar Jangala granted bail to Ram Kishor Arora.
Reportedly, Supertech and its group companies have been accused of cheating more than 800 homebuyers of Rs 228 crores. Later on the homebuyers’ complaints, 26 first information reports (FIRs) were registered in Delhi, Haryana and Uttar Pradesh under multiple provisions of the Indian Penal Code (IPC).
As per the ED, 26 FIRs were registered by the Economic Offences Wing, Delhi Police, Haryana Police and Uttar Pradesh Police against Supertech Limited and its group companies under Section 120B (criminal conspiracy) read with 406(criminal breach of trust)/420 (cheating)/467/471 IPC having allegations of cheating at least 670 home buyers for an amount of Rs 164 crore.
The nodal agency also alleged that the amount collected by Supertech Ltd. was diverted to their group companies for the purchase of properties and the company with land having much lesser value.
It claimed that the accused persons have acquired properties, and made illegal/wrongful gain arising out of the said proceeds of crime by involving, indulging and commissioning criminal activities related to scheduled offences.
Earlier in a plea moved on behalf of Arora seeking an extension of interim bail for 90 days, it was stated that Arora was admitted to Fortis Hospital, Noida on March 10 and was diagnosed with Systemic Hypertension, Coronary Artery Disease and unstable angina.
The investigation agency arrested Ram Kishor Arora in June 2023. The complaint was lodged against him on August 24, 2023, and the court took cognisance of the same on September 26, 2023. The Supertech promoter’s statutory bail plea and his petition challenging arrest by the ED were earlier rejected by the Delhi High Court.