The Enforcement Directorate (ED) has attached assets valued at INR 335 crore belonging to the Unitech Group and a related company under the Prevention of Money Laundering Act (PMLA). This action follows FIRs filed by the Delhi Police and the CBI, as well as a Supreme Court order for a thorough investigation into alleged money laundering. The Chandra brothers, promoters of Unitech, are accused of illegally diverting INR 7,612 crore from homebuyers and investors. The attached assets include land rights across multiple cities, and the investigation has led to a total of 1,288 domestic and overseas assets worth INR 1,593.36 crore being seized.
Fresh assets valued at INR 335 crore belonging to the Unitech Group and a related company have been attached under anti-money laundering laws, as confirmed by the Enforcement Directorate (ED). A provisional order has been issued under the Prevention of Money Laundering Act (PMLA), targeting movable properties worth INR 319 crore and INR 16 crore associated with Unitech International Realty Fund (UIRF) and Sahana Builders Private Limited.
This investigation stems from FIRs registered by the Delhi Police and the CBI against Unitech Limited and others. It is further reinforced by a Supreme Court order mandating a comprehensive investigation into both money laundering and related issues. The ED reported that the Chandra brothers, Sanjay and Ajay, who are the promoters of the Unitech Group, allegedly colluded with their associates to illegally divert funds received from homebuyers, investors, and banks, generating proceeds of crime estimated at INR 7,612 crore.
The UIRF was established by the Chandra family through their companies, Auram Asset Management Private Limited and Uniwell Limited (Cayman Islands). The ED alleges that this fund was created with the intent to divert homebuyers' money away from Unitech Limited. As part of the ongoing investigation, the ED has attached various assets, including land rights in Agra, Varanasi, Mohali, and Chennai, amounting to INR 319 crore. Furthermore, Unitech Limited is alleged to have diverted INR 16 crore to Sahana Builders, which is expected to be returned to Unitech.
To date, the ED has attached a total of 1,288 domestic and overseas assets valued at INR 1,593.36 crore in connection with this case. The agency has also filed eight status reports detailing its investigation before the Supreme Court. The assets in question also include those owned by other groups, such as the Carnoustie Group, Shivalik Group, and Trikar Group, as well as various "shell, benami, and personal" companies connected to the Chandras.
The ongoing scrutiny of the Unitech Group highlights the enforcement agencies' commitment to tackling financial misconduct and ensuring accountability within the real estate sector. The developments signal a critical step towards addressing issues of transparency and trust in property transactions, which are vital for restoring confidence among investors and homebuyers alike.
The ED's attachment of Unitech's assets underscores the serious implications of financial misconduct in the real estate sector. As investigations continue, this case highlights the importance of regulatory oversight and accountability. Restoring trust among homebuyers and investors will be crucial for the industry's future, and effective enforcement of anti-money laundering laws is essential for ensuring transparency in property transactions.
Advertisement
Facebook
Whatsapp
