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In a significant development, the Enforcement Directorate (ED) has provisionally attached land valued at Rs 125.06 crore, which belongs to Unitech Infopark Limited. This move is part of an ongoing probe into money laundering allegations stemming from complaints made by home buyers associated with the Unitech group. Specifically, the ED has provisionally attached 39.83 percent of the shares representing 4.79 acres of land within the Uniworld City township located in Nallambakkam, Chennai.
According to an official statement by the ED, the value of the land attached is Rs 125.06 crore. The said land is owned by Unitech Infopark Limited, in which 39.83 percent of shares are held by Narnil Infosolutions Private Limited, a benami company of the Chandras, the promoters of Unitech Group.
This enforcement action is a crucial element of an extensive investigation initiated by the ED, prompted by cases registered by the Delhi Police and the Central Bureau of Investigation (CBI) in response to complaints from home buyers concerning the Unitech Group and its promoters, among others.
The ED's investigation has uncovered alleged investments of proceeds of crime by the Chandras of Unitech, totalling USD 1.50 crore (present value equivalent to Rs 125.06 crore). These funds were purportedly channelled through Narnil Infosolutions Private Limited into Unitech Infopark Limited in the fiscal year 2009-10, with the Chandras acquiring a 39.83 percent share in the said company.
Moreover, the probe findings suggest that Narnil Infosolutions Private Limited is beneficially owned by the Chandras and was being controlled through their associates.
During the course of investigation, ED had arrested five individuals namely Sanjay Chandra, Ajay Chandra, Ramesh Chandra, Preeti Chandra, and Rajesh Malik. Till now, two prosecution complaints have been filed by the ED, and cognizance of the same have been taken by the PMLA Court.
Thus far, the ED has provisionally attached domestic and overseas assets with a total value of Rs 1,257.61 crore as part of this ongoing investigation. This attachment includes assets linked to entities like Carnoustie Group, Shivalik Group, Trikar Group, and assets of shell companies, benami holdings, and personal companies associated with the Chandras, among others. The ED has detected a total proceeds of crime amounting to Rs 7,612 crore in this case thus far.
This latest action underscores the ED's commitment to addressing money laundering allegations and ensuring that assets connected to such illegal activities are duly seized and attached. The investigation continues to unfold as authorities seek to bring those responsible for financial misconduct to justice and provide relief to aggrieved home buyers associated with the Unitech group.
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