Real Estate

Real Estate Transactions

ED initiates money-laundering probe against Supertech and its chairman

Economic Times  

The Enforcement Directorate has initiated a money laundering investigation against Supertech and its chairman RK Arora in a case related to the alleged illegal construction of twin towers in Noida in collusion with corrupt Noida authority officials. After Unitech and Amrapali group, Supertech is the third big real estate company that will be investigated by ED under the Prevention of Money Laundering Act (PMLA). As a precautionary measure, the agency is also likely to issue a lookout circular against Arora to prevent him from leaving the country till the pendency of the probe.