Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Last week, the Enforcement Directorate (ED) announced that it has taken control of 15 pieces of land in Gurugram, Haryana, valued at Rs 245 crore, as part of an investigation into money laundering allegations against real estate firm Unitech and its promoters. According to a statement from the agency, the land parcels are owned by Trikar Group, which is a benami group of Unitech. The ED had previously frozen these assets under sections of the Prevention of Money Laundering Act (PMLA), and now that the Adjudicating Authority of the PMLA has confirmed the attachment, the agency has taken physical possession of the properties.
The Unitech group, along with its promoters, Sanjay Chandra and Ajay Chandra, as well as their family members and others, are facing charges of money laundering. These charges are based on several First Information Reports (FIRs) filed by the economic offences wing (EOW) of the Delhi Police.
In connection with this case, the agency had apprehended the Chandra brothers, their father Ramesh Chandra (who founded Unitech), Sanjay Chandra’s wife Preeti Chandra, and Rajesh Malik, a promoter of the accused company Carnoustie group. The ED conducted 45 searches in this case and froze assets worth a total of Rs 1,132.55 crore. They also filed two chargesheets.
According to the ED, the assets that were seized include those belonging to the Carnoustie Group, Shivalik Group, Trikar Group, as well as properties belonging to shell, benami, and personal companies of the Chandras.
Unitech Group was founded in 1972 and is headquartered in Gurugram, Haryana. The company has been involved in developing residential, commercial, and retail properties in India. Unitech has completed several large-scale projects in various cities including Delhi, Mumbai, Kolkata, Chennai, and Bangalore. The company has also diversified into other sectors such as hospitality and infrastructure development.
Unitech Group has faced several legal issues in recent years. One of the most significant legal battles the company faced was related to delays in delivering projects to homebuyers. Many homebuyers filed complaints against the company for failing to deliver the properties on time, and some even alleged that the company did not complete the projects as per the original specifications. As a result, several lawsuits were filed against the company, and it faced a significant financial burden due to compensation claims and fines imposed by the courts.
Apart from that, Unitech Group has also faced allegations of financial irregularities and fraud. In 2018, the company's promoters were arrested by the Economic Offences Wing (EOW) of the Delhi Police for allegedly cheating investors by not delivering the promised projects. The promoters were accused of diverting funds raised from homebuyers and investors to other businesses or for personal gains, which led to delays and non-delivery of projects.
The company is currently undergoing insolvency proceedings, and the resolution plan is being worked out under the supervision of the National Company Law Tribunal (NCLT).
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
