ED Attaches Rs 335 Crore Worth of Unitech Group Assets under PMLA.

The Enforcement Directorate (ED) has attached fresh assets valued at Rs 335 crore belonging to the Unitech Group and an associated company under the Prevention of Money Laundering Act (PMLA), according to a statement released on Tuesday.

The provisional attachment order targets movable properties worth Rs 319 crore and Rs 16 crore, associated with Unitech International Realty Fund (UIRF) and Sahana Builders Private Limited, respectively.

This action follows investigations initiated from FIRs filed by the Delhi Police and the CBI against Unitech Limited and other entities.

Additionally, a Supreme Court order from December 18, 2019, called for a thorough investigation into money laundering and other related issues.

The ED revealed that Sanjay Chandra and Ajay Chandra, the promoter brothers of Unitech Group, were involved in the illegal diversion of funds obtained from homebuyers, investors, and banks. This scheme generated criminal proceeds amounting to Rs 7,612 crore.

According to the ED, the UIRF was set up by the Chandra family using companies Auram Asset Management Private Limited and Uniwell Limited (Cayman Islands) to divert homebuyers’ money from Unitech Limited.

As part of the investigation, assets, including land rights in Agra, Varanasi, Mohali, and Chennai, worth Rs 319 crore, were attached.

The ED also claimed that Unitech Limited diverted Rs 16 crore to Sahana Builders, which is payable back to Unitech Limited.

So far, the ED has attached a total of 1,288 domestic and overseas assets worth Rs 1,593.36 crore in connection with this case.

It has also submitted eight status reports of its investigation to the Supreme Court. The attached assets include those linked to the Carnoustie Group, Shivalik Group, Trikar Group, and various “shell, benami, and personal” companies connected to the Chandras, the agency said.