In the matter of Unitech Limited, the Directorate of Enforcement (ED) has temporarily seized movable and immovable properties worth Rs 257 Crore located in Gurugram, Goa, Chennai, and other locations. Residential and commercial units, land parcels, demand draughts, equity shares, and bank account balances are among the properties that are provisionally attached. CIG (Chandra Investment Group) Realty Fund and Authentic Group are the property owners. For the purpose of attaching these assets, two separate provisional attachment orders were obtained.
Based on the FIRs filed by EOW, Delhi Police, Mandir Marg, New Delhi, and PS Saket, New Delhi, CBI, Crime Branch Delhi under various sections of the IPC and sections 7,7(A),8,9,10,12, and 13 of the PC Act, ED had registered a money laundering case against Unitech Group on June 6, 2018, at the request of the Hon’ble Supreme Court. In this instance, the ED determined that the entire proceeds of the crime were Rs. 6452 Crore.
Chandras’ unlawfully transferred Rs 244 Crore of the homebuyer’s monies to CIG Realty Fund in order to acquire these homes. The money that was diverted was utilised to buy Unitech Group land-owning businesses. One of the businesses under the Chandra Family’s ownership, M/s. Auram Asset Management Private Limited was employed to oversee the operations of CIG Realty Fund. Chandras’ also utilised this firm to steal money from CIG Realty Fund accounts belonging to investors. The diverted money was used to pay for Chandra’s criminal actions, such as bribing certain inmates at Tihar Jail and other personal expenditures for Ajay and Sanjay Chandra.
Homebuyer money totalling Rs. 60.25 crores was unlawfully transferred by Chandras’ to Authentic Group in 2007 with the goal of constructing a seven-star resort in South Goa. The underlying southern Goa land has been attached by ED for the benefit of purchasers based on the money trail in this case.
ED has detained five people during an investigation: Sanjay Chandra, Ajay Chandra, Ramesh Chandra, Preeti Chandra, and Rajesh Malik. They are all currently in the Honourable Court’s legal care. In this case, 45 searches have been done. According to Section 14, different domestic and foreign assets worth a combined total of Rs 1059.52 crore have been attached, including existing attaches. Assets from the Carnostie Group, Shivalik Group, Trikar Group, CIG Realty Fund, and Authentic Group, as well as assets from Chandras’ personal and shell organisations, are all attached. There is now an ongoing inquiry.
