The Enforcement Directorate (ED) has seized properties worth ₹335 crore under the Prevention of Money Laundering Act (PMLA). These properties belong to Unitech International Realty Fund and Sahana Builders Private Limited. According to the ED, the agency has provisionally attached assets worth ₹319 crore of Unitech Fund and ₹16 crore of Sahana Builders. Both companies are under investigation.
The ED initiated its investigation based on FIRs filed by the Delhi Police and CBI against Unitech Limited and other entities. Additionally, in its December 18, 2019 order, the Supreme Court stressed the need for a thorough investigation by law enforcement agencies, covering both money laundering and other related aspects.
Key Developments in the Investigation:
Diversion of Bank Funds:
During the investigation, it was revealed that Unitech Group’s Chandra family played a significant role in illegally diverting funds from homebuyers, investors, and banks. This diversion generated proceeds of crime (PoC) amounting to ₹7,612 crore. The funds were misused through multiple channels, involving associates and intermediaries.
Supreme Court Allows Police Assistance:
In a recent ruling, the Supreme Court allowed the government-appointed Board of Directors of Unitech Limited to seek police assistance to manage the company’s assets and resolve obstacles posed by third parties. The ruling came after the Board faced difficulties in dealing with real estate company properties and other issues. The bench, led by Chief Justice D.Y. Chandrachud, and Justices J.B. Pardiwala and Manoj Mishra, acknowledged the interim petition by the Board and granted the request for assistance.
The Role of Chandra Family:
The International Realty Fund, set up by the Chandra family, was found to be a key entity used to divert funds from Unitech Limited. This fund operated through the family’s private companies, Aurum Asset Management Pvt. Ltd. and Uniwell Limited (Cayman Islands). The Chandra family created this fund as a way to illegally redirect money meant for Unitech’s homebuyers.
Furthermore, ₹16 crore was diverted from Unitech Limited to Sahana Builders, another company controlled by the Chandra family. This diversion of funds highlights the extensive manipulation of financial transactions by the Chandra family and their collaborators.
What’s Next:
The ED’s ongoing investigation continues to focus on unraveling the full extent of the financial mismanagement and fraud conducted by the Chandra family and their associates. The provisional attachment of these assets is part of the effort to recover the diverted funds and bring justice to affected homebuyers, investors, and banking institutions.
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