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The Enforcement Directorate (ED) has accused Unitech Group and its promoters of diverting nearly half of INR 16,000 crore received from homebuyers and financial institutions, allegedly using funds for personal gains and routing them into "benami" companies. The ED filed its third chargesheet on July 10, naming Unitech promoter Ramesh Chandra. Over 29,800 homebuyers did not receive houses. The probe, ongoing since June 2018, claims INR 7,794.35 crore was diverted. ED has arranged 105 entities and attached INR 1,621.91 crore in assets.
The Enforcement Directorate (ED) has recently accused the Unitech Group and its promoters of diverting a significant portion of funds. The ED filed its third chargesheet in the case on July 10, impacting real estate projects where homebuyers had invested. The probe alleges misuse of money received from homebuyers and financial institutions, claiming funds were funneled for personal gains into various benami companies. Advertisement
The ED alleges that the Unitech Group and its promoters diverted nearly half of the INR 16,000 crore received from homebuyers and financial institutions. These funds were allegedly used for personal gains and routed into various "benami" companies and shell companies, including the Trikar Group. Specifically, the investigation found that INR 7,794.35 crore of the total funds were diverted for non-mandated purposes. The promoters allegedly laundered these funds by transferring them to the UAE and then bringing them back to India through various benami entities.
Preeti Chandra, daughter-in-law of Unitech promoter Ramesh Chandra, is specifically accused of purchasing three flats in Dubai with these diverted funds. The ED also alleges that the Chandras acquired shares of companies at higher prices, transferring funds to Carnoustie Management Private Limited and the Shivalik Group.
The ED stated that over 29,800 homebuyers invested their savings in Unitech's housing schemes, but no houses were delivered to them. The money-laundering probe began in June 2018. It stems from First Information Reports (FIRs) filed by the Central Bureau of Investigation (CBI) and Delhi Police against Ramesh Chandra, his sons Sanjay Chandra and Ajay Chandra, and daughter-in-law Preeti Chandra.
With this latest chargesheet, the ED has now arraigned a total of 105 individuals and entities. The ED has also attached assets worth INR 1,621.91 crore in connection with the case. Investigations into alleged diversion of funds and money laundering by real estate developers are common in India. Such cases often involve large sums of money and affect thousands of homebuyers, leading to prolonged legal battles and efforts by authorities to ensure accountability and asset recovery.
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