ED cracks down on Unitech Group, attaches Rs 335 crore worth assets
The Enforcement Directorate (ED) has taken a significant step in the Unitech Group money laundering case, provisionally attaching movable properties worth Rs 335 crore. This action is against Unitech International Realty Fund and Sahana Builders Private Limited under the Prevention of Money Laundering Act (PMLA), 2002.
The ED investigation has uncovered a complex web of transactions, revealing that the Chandras, promoters of Unitech Group, colluded with associates to divert funds from homebuyers, investors, and banks. This diversion generated proceeds of crime worth a staggering Rs 7,612 crore.
Unitech International Realty Fund was created by the Chandra family as a vehicle to divert funds from Unitech Limited. ED has attached land rights in Agra, Varanasi, Mohali, and Chennai worth Rs 319 crore, as well as fixed deposits worth Rs 16 crore diverted to Sahana Builders.
To date, ED has conducted an extensive investigation, including 47 searches and 19 provisional attachment orders. This has resulted in the attachment of 1,288 domestic and overseas assets valued at Rs 1,593.36 crore.
ED’s action is based on FIRs registered by Delhi Police and CBI against Unitech Limited, with the Supreme Court warranting a thorough investigation into money laundering and related aspects. The agency has filed eight status reports before the Supreme Court.
This development marks a significant milestone in ED’s efforts to combat money laundering and protect the interests of homebuyers and investors.
