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• The Enforcement Directorate (ED) has provisionally attached assets worth INR 634.12 crore linked to Unitech Group’s Golf and Country Club project in Noida under the Prevention of Money Laundering Act (PMLA).
• The action relates to an ongoing investigation into the alleged diversion of funds collected from homebuyers, investors and financial institutions across multiple Unitech projects.
• The attached assets include leasehold rights over 347.83 acres of land and equity holdings linked to consortium and special purpose company structures associated with the project.
• Investigators have alleged that INR 7,794.35 crore was diverted from the INR 16,075.89 crore collected by Unitech from buyers and financiers.
• The case stems from 76 FIRs registered by the Delhi Police and the Central Bureau of Investigation against Unitech, its promoters, directors and other entities.
The Enforcement Directorate (ED) has attached assets worth INR 634.12 crore linked to the Unitech Golf and Country Club (UGCC) project in Noida as part of an ongoing money laundering investigation into the alleged diversion of homebuyer funds by Unitech Group, according to an official statement issued in the past week. The attached properties are located across Sectors 96, 97 and 98 of Noida, Uttar Pradesh, and have been provisionally attached under the Prevention of Money Laundering Act (PMLA). Advertisement
The attachment covers leasehold rights over approximately 347.83 acres of land as well as equity shareholdings held through consortium and special purpose company structures connected with the project. The ED stated that the assets are associated with entities including Sungrace Products (India) Pvt Ltd and CIG Infrastructure Pvt Ltd. While the attachment value has been pegged at INR 634.12 crore, the agency said the current fair market value of the attached assets is estimated at around INR 8,115 crore.
The investigation originates from 76 FIRs registered by the Delhi Police and the Central Bureau of Investigation against Unitech Ltd, its promoters, directors and other associated individuals. The complaints relate to allegations of cheating, criminal conspiracy and diversion of funds collected from homebuyers across multiple residential developments.
According to the ED, Unitech collected INR 16,075.89 crore from homebuyers, investors and financial institutions. Investigators have alleged that INR 7,794.35 crore of these funds was diverted for purposes unrelated to the projects for which the money had originally been raised. The agency has also alleged that certain entities associated with the UGCC project derived economic benefits without making proportionate financial contributions.
The Noida project has remained one of the prominent developments under scrutiny in the wider Unitech investigation, which has been ongoing for several years. The ED said the latest attachment forms part of its efforts to trace and secure assets believed to be linked to proceeds of crime generated through the alleged misuse of homebuyer funds.
The agency stated that it has already attached 1,296 movable and immovable properties worth INR 2,281.07 crore in connection with the broader Unitech matter. One prosecution complaint and two supplementary complaints have also been filed before the Special PMLA Court in Delhi as part of the investigation. Further inquiries into the financial transactions and ownership structures linked to the project remain underway.
Source - PTI
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