ED Attaches Assets of Unitech Group in Money Laundering Case

ED Attaches Assets of Unitech Group in Money Laundering Case

Enforcement Directorate has attached Unitech Group's 10 properties worth ₹197 crore in Sikkim and Kerala accrued through proceeds of crime

Continuing with its operations against the real estate company Unitech Group, the Enforcement Directorate (ED) attached a total of 10 properties of the company spread across Gangtok (Sikkim) and Alappuzha (Kerala) worth ₹197 crore on 3 April 2021.

The ED had on 30 March 2021 attached 48.56 acres of land belonging to the Unitech Group in Delhi's suburb Gurugram (Gurgaon), estimated to be worth over ₹150 crore.

These benami properties were bought by the Unitech Group, which the ED believes, through proceeds of crime.

ED had earlier registered a case against the Unitech Group and its promoters Sanjay Chandra and Ajay Chandra under provisions of the Prevention of Money Laundering Act (PMLA).

"The registered value of these immovable properties is ₹197.34 crore and these immovable properties are owned by the various entities of Carnoustie Group," the ED said.

According to ED, the Unitech Group had diverted approximately ₹325 crore to Carnoustie Group which used the money to purchase immovable properties.

"The registered value of these land pieces comes to ₹152.48 crore and these are owned by promoters of Unitech Group through proxy or benami entities like Crown Infra Projects Pvt Ltd, Kore Communities India Pvt Ltd and Joshu Gurgaon SEZ Pvt Ltd," the ED said, adding that these three companies are part of one Trikar Group/Kore Group which is benami investment of the Chandra family of Unitech Group.

Chandra brothers, the Unitech Group promoters, had allegedly diverted more than ₹2,000 crore to Cyprus and Cayman Island. ED currently is on the trail to find out details of the massive fraud committed by the group on its customers.