Probe Agency Attaches Land Worth Rs 335 Crore In Unitech Money Laundering Case

Fresh assets worth Rs 335 crore of the Unitech Group and a linked company have been attached under the anti-money laundering law, the Enforcement Directorate said Tuesday.

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach movable properties valued at Rs 319 crore and Rs 16 crore belonging to Unitech International Realty Fund (UIRF) and Sahana Builders Private Limited, the federal probe agency said in a statement.

The investigation stems from the FIRs registered by the Delhi Police and the CBI against Unitech Limited and others, apart from a Supreme Court order issued on December 18, 2019 warranting a “proper investigation by the law enforcement machinery, both from the angle of money laundering and other related facets.” The ED said that Chandras of the Unitech Group (promoter brothers Sanjay Chandra and Ajay Chandra) in collusion with their associates played a key role in “illegally diverting” funds received from homebuyers, investors and banks to generate proceeds of crime to the tune of Rs 7,612 crore.

The UIRF was a fund created by the Chandra family through its companies Auram Asset Management Private Limited and Uniwell Limited (Cayman Islands) to “divert” funds (homebuyers’ money) from Unitech Limited, it alleged.

As part of the investigation, the ED attached assets including land rights assigned in Agra, Varanasi, Mohali, and Chennai to the Indian companies of UIRF to the tune of Rs 319 crore.

The agency said Unitech Limited also “diverted” Rs 16 crore to Sahana Builders and the same was payable back to Unitech Limited.

A total of 1,288 domestic and overseas assets worth Rs 1,593.36 crore have been attached by the ED till now in the case. It has also filed eight status reports of investigation before the top court.

The assets belong to the Carnoustie Group, Shivalik Group, Trikar Group apart from “shell, benami and personal” companies of the Chandras,” the agency said.