In a substantial development, the Enforcement Directorate (ED) has taken decisive steps in its ongoing investigation into money laundering allegations arising from complaints filed by home buyers associated with the Unitech group. The ED has provisionally attached land valued at a staggering Rs 125.06 crore, owned by Unitech Infopark Limited, marking a significant milestone in this high-profile case. This move underscores the ED’s commitment to unraveling the complex financial web surrounding Unitech Group and its promoters.
The ED’s action revolves around the provisional attachment of 39.83 percent of shares in a 4.79-acre land parcel, an integral part of the Uniworld City township located in Nallambakkam, Chennai. This substantial land parcel is currently valued at Rs 125.06 crore and is owned by Unitech Infopark Limited. Notably, a significant portion of these shares, precisely 39.83 percent, is controlled by Narnil Infosolutions Private Limited—a benami company associated with the Chandras, the promoters of Unitech Group.
This latest development is a direct outcome of a comprehensive investigation initiated by the ED, following cases registered by both the Delhi Police and the Central Bureau of Investigation (CBI). These cases were initiated in response to grievances lodged by home buyers against Unitech Group, its promoters, and other key stakeholders.
During the exhaustive investigation, the ED uncovered that the Chandras of Unitech had allegedly funneled the proceeds of their unlawful activities, amounting to USD 1.50 crore (currently valued at Rs 125.06 crore), into Unitech Infopark Limited back in 2009-10. This financial maneuver was executed through the acquisition of 39.83 percent shares of the aforementioned company by Narnil Infosolutions Private Limited. Notably, the findings suggest that Narnil Infosolutions Private Limited is beneficially owned by the Chandras themselves and was effectively managed through their associates.
The relentless pursuit of justice by the Enforcement Directorate has led to the arrest of five individuals: Sanjay Chandra, Ajay Chandra, Ramesh Chandra, Preeti Chandra, and Rajesh Malik. Furthermore, two prosecution complaints have been filed by the ED, both of which have been duly acknowledged by the Prevention of Money Laundering Act (PMLA) Court.
To date, the ED has provisionally attached a wide range of domestic and overseas assets, collectively valued at an astounding Rs 1,257.61 crore. These assets encompass holdings associated with Carnoustie Group, Shivalik Group, Trikar Group, as well as assets connected to shell companies, benami entities, and personal firms affiliated with the Chandras. The cumulative proceeds of crime identified in this case now stand at an astonishing Rs 7,612 crore.
The provisional attachment of land valued at over Rs 125 crore marks a pivotal moment in the ongoing saga involving Unitech Group. It represents a significant stride in the pursuit of justice and the recovery of illicitly acquired assets. The ED’s relentless efforts to expose financial irregularities and bring those responsible to justice continue unabated.
As this investigation unfolds, the ED remains steadfast in its commitment to upholding the law and ensuring that the interests of home buyers are protected. This latest action serves as a stern warning to those who engage in financial misconduct, reaffirming the ED’s determination to unearth and penalize any wrongdoing.
Also Read: Delhi High Court Orders Investigation into Southern Ridge Forest Construction