ED attaches Unitech’s Rs 335-cr assets in PMLA case

The Enforcement Directorate (ED) has provisionally attached movable properties worth Rs 319 crore and Rs 16 crore (with a total value of Rs 335 crore) belonging to Unitech International Realty Fund and Sahana Builders Private Limited, respectively, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The ED had initiated investigation on the basis of FIRs registered by the Delhi Police and the CBI against Unitech Limited. The Supreme Court had warranted a proper investigation by the law enforcement machinery, both from the angle of money laundering and other related facets, against the firm.

The ED investigation revealed that Chandras of Unitech Group, in collusion with their associates, played a key role in illegally diverting the funds of homebuyers, investors and banks to generate the proceeds of crime (POC) to the tune of Rs 7,612 crore.

The Unitech International Realty Fund (UIRF) was a fund created by the Chandra family through their personal companies, namely Auram Asset Management Private Limited and Uniwell Limited (Cayman Islands), to divert funds consisting of homebuyers’ money from Unitech Limited.

Assets, including land rights assigned in Agra, Varanasi, Mohali and Chennai, to the Indian companies of Unitech International Realty Fund to the tune of Rs 319 crore have been attached.

M/s Unitech Limited, controlled by the Chandra family, had diverted Rs 16 crore to M/s Sahana Builders and the same was payable back to M/s Unitech Limited. Thus, funds in form of fixed deposits to the tune of Rs 16 crore have been attached.

Till date, 47 searches have been conducted in this matter. The ED has issued 19 provisional attachment orders, wherein a total of 1,288 domestic and overseas movable and immovable assets, having a total value of Rs 1,593.36 crore, have been attached.