New Delhi [India], October 22 (ANI): The Enforcement Directorate (ED) has attached movable properties valued at Rs 319 crore and Rs 16 crore belonging to Unitech International Realty Fund and Sahana Builders Private Limited respectively under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said on Tuesday.
Assets including land rights assigned in Agra, Varanasi, Mohali, and Chennai to the Indian companies of Unitech International Realty Fund to the tune of Rs 319 crore have been attached.
“Unitech Limited controlled by the Chandra Family had diverted Rs 16 crore to Sahana Builders and the same was payable back to Unitech Limited. Thus, funds in the form of fixed deposits to the tune of Rs 16 crore have been attached,” said the ED in a statement.
ED initiated the investigation based on First Information Reports registered by Delhi Police and the Central Bureau of Investigation against Unitech Limited and Ors. Also, the Supreme Court in its order dated December 18, 2019, had warranted a proper investigation by the law enforcement machinery, both from the angle of Money laundering and other related facets.
ED investigation revealed that Chandra of Unitech Group in collusion with their associates played a key role in illegally diverting the homebuyers, investors, or banks funds to generate the Proceeds of Crime (POC) to the tune of Rs 7,612 crore.
The Unitech International Realty Fund (UIRF) was a fund created by the Chandra family through their personal companies namely Auram Asset Management Private Limited and Uniwell Limited (Cayman Islands) to divert funds consisting of Homebuyers’ money from Unitech Limited.
To date, 47 searches have been conducted in this matter. ED has issued 19 Provisional Attachment Orders, wherein, a total of 1,288 domestic and overseas movable and immovable assets having a total value of Rs 1593.36 crore have been attached.
The attachments include the attachment of assets of Carnoustie Group, Shivalik Group, Trikar Group, and the assets of Shell, Benami, and the personal companies of Chandras. In this case, eight status reports have been filed before the Supreme Court. (ANI)
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