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Delhi Court Grants Bail to Supertech Promoter Ram Kishor Arora in Money Laundering Case - 2024-06-07

Subject : Criminal Law - Financial Crimes

Delhi Court Grants Bail to Supertech Promoter Ram Kishor Arora in Money Laundering Case
BY  Supreme Today News Desk,
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Supreme Today News Desk

A Delhi Court on Thursday granted bail to Ram Kishor Arora , the chairman and promoter of Supertech, in a ₹700 crore money laundering case lodged by the Enforcement Directorate (ED).

Additional Sessions Judge Devender Kumar Jangala of the Patiala House Courts allowed Arora 's third regular bail plea, noting that the investigation is complete and the prosecution complaint has already been filed. The judge observed that the case is based on documentary evidence, and there is no possibility of Arora tampering with the evidence or influencing witnesses if granted bail.

The court further noted that Arora has been released on interim bail on medical grounds in the past and has not misused the liberty. Therefore, the court concluded that he is not a flight risk.

The ED had alleged that Supertech Limited and its promoter Arora hatched a criminal conspiracy to cheat prospective home buyers by failing to adhere to their agreed obligations and provide possession of the flats. The agency claimed that the company diverted the collected amounts to its group companies for purchasing properties, with the land acquired being of much lesser value.

Granting bail to Arora , the court said that he and his company seem to be active in resolving the disputes with respect to the real estate projects and keeping their conduct upright in entertaining and resolving the disputes with the aggrieved home buyers.

Arora was admitted to bail on furnishing a personal bond of ₹1 lakh and two sureties of the same amount.

bail - money laundering - real estate - financial crimes - criminal conspiracy - home buyers - property diversion - documentary evidence - dispute resolution

#RealEstateLaw #MoneyLaundering #CorporateCrime

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