ED attaches assets worth ₹335 in Unitech Group money laundering case

Under the Prevention of Money Laundering Act (PMLA), an injunction has been issued to attach movable assets worth ₹319 crore and ₹16 crore belongs to Unitech International Realty Fund (UIRF) and Sahana Builders Private Limited, the federal probe agency said in a statement.

The investigation is based on the FIRs registered by the Delhi Police and the CBI against Unitech Limited and others, apart from a Supreme Court order dated December 18, 2019, requiring a “proper investigation by law enforcement agencies, both in view of “money laundering” and other related aspects.

The ED said Unitech Group’s Chandras (founding brothers Sanjay Chandra and Ajay Chandra), in collusion with their partners, played a key role in “illegally diverting” funds received from homebuyers, investors and banks for proceeds to generate $100,000 from criminal offenses ₹7,612 crore.

The UIRF was a fund set up by the Chandra family through their companies Auram Asset Management Private Limited and Uniwell Limited (Cayman Islands) to “divert” funds (homebuyers’ funds) from Unitech Limited, it said.

As part of the investigation, the ED attached assets, including land rights allocated in Agra, Varanasi, Mohali and Chennai, to the Indian companies of the UIRF to the extent of ₹319 crore.

The agency said Unitech Limited also “diverted” ₹16 crore went to Sahana Builders and the same amount was returned to Unitech Limited.

A total of 1,288 assets at home and abroad ₹1,593.36 crore has been attached by the ED so far in this case. In addition, eight investigation reports were submitted to the Supreme Court.

The assets belong to Carnoustie Group, Shivalik Group and Trikar Group, apart from the Chandras’ “shell, benami and personal” companies, the agency said.