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The Delhi High Court has recently granted bail to Preeti Chandra, the wife of Sanjay Chandra, a prominent figure in the real estate company Unitech, in a significant money laundering case. However, the court has specified that the order will not come into effect until June 16, as the Enforcement Directorate (ED) requested additional time to challenge the decision.
The ED initiated the current case in 2018, invoking various sections of the Prevention of Money Laundering Act against the Unitech Group and its promoters. The allegations revolve around Sanjay Chandra and Ajay Chandra, accusing them of unlawfully diverting over Rs 2,000 crore to offshore locations such as Cyprus and the Cayman Islands.
Preeti Chandra had filed a bail plea before the court in the previous year, asserting that she is a fashion designer and philanthropist. She has been in custody since October 4, 2021, and claimed that there are no proceeds of crime connected to her. In her plea, she highlighted her innocence and lack of involvement in any fraudulent activities.
The money laundering case originated from multiple FIRs filed by homebuyers, represented by the Delhi Police and the Central Bureau of Investigation (CBI), against the Unitech Group and its promoters. These FIRs alleged that funds collected from buyers for housing projects were misappropriated, leading to cheating and money laundering offenses committed by the accused.
The prosecution's allegation against Preeti Chandra is that she received a sum of Rs 107 crore in her company, Prakausli Investments Pvt. Ltd., as proceeds of crime. However, she purportedly failed to disclose the utilization of these funds, raising suspicions of their illegitimate origin and subsequent money laundering activities.
Earlier, on November 7, 2022, the trial court had denied Preeti Chandra's bail application, citing the magnitude of the transactions involved and the gravity of the allegations against her. This decision was made due to the serious nature of the charges and the complexity of the case.
The recent bail granted by the Delhi High Court provides a temporary relief for Preeti Chandra, but the final outcome of the case and her potential involvement in the money laundering activities will be determined in due course. The ED was given an opportunity on June 16 to challenge the bail order in court.
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