Unitech Case

The Enforcement Directorate has provisionally attached land worth Rs 125.06 crore belonging to Unitech Infopark Limited in connection with its probe into money laundering allegations arising out of complaints from home buyers of the Unitech group, officials said Monday. The ED has provisionally attached 39.83 per cent share of 4.79 acres of land that forms part of the Uniworld City township at Nallambakkam in Chennai. "The value of the land attached is Rs 125.06 crore. The said land is owned by Unitech Infopark Limited in which 39.83 per cent shares are held by Narnil Infosolutions Private Limited (a benami company of the Chandras, the promoters of Unitech Group)," the ED said in a statement. The action is part of an investigation undertaken by the ED based on cases registered by the Delhi Police and CBI on the complaints from home buyers against Unitech Group, its promoters and others, it said. In its investigation, ED detected that the Chandras of Unitech had allegedly invested t

Former Unitech promoters Sanjay Chandra and Ajay Chandra on Wednesday urged the Supreme Court that either their bail pleas be heard by it or they be allowed to move the trial court for securing relief in a financial fraud case in which they are in custody for over five years. During the hearing, the top court asked the Noida authority to process the layout and building plans of Unitech Group, without asking for the upfront payment of dues. A bench of Chief Justice D Y Chandrachud and Justice M R Shah was told by senior advocate Siddharth Dave, appearing for Chandra brothers, that both of them are lodged in jail for over five years and six months in the case lodged by Economic Offences Wing (EOW) of Delhi Police for financial fraud for which maximum sentence is seven years imprisonment. The bench asked what happened to the precondition of deposition of Rs 750 crore in the court for securing bail. Dave said that the condition was imposed in a plea for interim bail but now the charge

The CBI has filed a new case against Unitech Limited and its former directors in connection with an alleged fraud in the IDBI bank involving an amount of Rs 395 crore, officials said. Nearly six months after a complaint from the bank, the Central Bureau of Investigation (CBI) has booked the company and its former promoters and directors Ramesh Chandra, Ajay Chandra and Sanjay Chandra under the Indian Penal Code (IPC) sections dealing with criminal conspiracy and cheating and provisions of the Prevention of Corruption Act, the officials said. The accused Unitech founders are facing another CBI probe pertaining to an alleged fraud in the Canara Bank. The company was allegedly enjoying a vendor bill discounting (VBD) facility, a kind of credit, of Rs 400 crore from the IDBI bank in 2012, the officials said. "Due to slowdown in real estate sector and pile up of inventory, the company was facing liquidity mismatch, and the payment of VBD bills was delayed," the complaint, now a part of

ED said its probe has found that homebuyers' funds amounting to Rs 244 crore were "illegally diverted" by Unitech promoters Ajay and Sanjay Chandra to CIG Realty Fund

A senior ED official said that the attached properties include residential, commercial units, land parcels, demand drafts, equity shares and bank account balance

They were accused of cheating home buyers on the pretext of a Gurugram based project and since then they are behind the bars

The top court also appointed former Supreme Court Judge AM Sapre to look into the policy and finalization of standard operating procedure for monetization of land assets

The arrests were made after the federal probe obtained the Supreme Court's permission

The Supreme Court on Wednesday cleared a hurdle for fresh custodial interrogation of ex-Unitech promoters Sanjay Chandra and Ajay Chandra by the Enforcement Directorate

Additional Sessions Judge Dharmender Rana sent Preeti Chandra to ED's custody till October 9, Ramesh Chandra to October 8, and Rajesh Malik till October 11.

SC asked the ED and Delhi Police to file status reports on their investigations into the affairs of realty firm Unitech Ltd as well as its former promoters and management officials before September 30

Both Sanjay and Ajay, who are in jail since August 2017, are accused of siphoning off home buyers' money

The Supreme Court Thursday directed that erstwhile Unitech promoters Sanjay Chandra and Ajay Chandra be shifted from Tihar Jail here to Mumbai's Arthur Road Jail and Taloga jail in Maharashtra

Sanjay and Ajay Chandra deputed staff outside Tihar jail premises to communicate with outside world and dispose of properties, ED tells SC

The bench refused to accept the submission of senior advocate Siddharth Dave for some more time; Sanjay is accused of allegedly siphoning homebuyers' money

This comes as a relief to cash-strapped Unitech

The top court told Noida Authority that it would be appropriate to wait till the newly constituted Board of Directors of the company submits a resolution plan for the cash strapped realty firm

Analysts point out the RERA, too, has not been able to stem the litany of woes faced by homebuyers in financially stressed projects

On Tuesday, Unitech's newly appointed chairman and managing director (CMD) Yudvir Singh Malik assumed office

The MCA on Wednesday submitted a proposal in the Supreme Court to take over the management of Unitech.