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ED attaches 125 crore properties in Unitech case

* Enforcement directorate big action in Tamil Nadu

 

* Uniworld city land project in doldrums

 

EW Correspondent: 

Chennai, In a significant development in the ongoing Unitech Group case, the Directorate of Enforcement (ED) has provisionally attached a 39.83% share of a prime 4.79-acre land parcel situated within the prestigious Uniworld City township in Nallambakkam, Chennai. The attached asset is valued at a staggering Rs 125.06 crore, marking another major step in the investigation into financial irregularities associated with the Unitech Group.

 

The ED’s latest move brings the total attachment in the Unitech Group case to a substantial Rs 1,257.61 crore. The said land is owned by Unitech Infopark Limited, with 39.83% of its shares held by M/s Narnil Infosolutions Private Limited, a benami company linked to the promoters of the Unitech Group, the Chandras.

 

According to an ED release, investigations revealed that the Chandras, promoters of Unitech, had invested the proceeds of crime amounting to USD 15,087,114 (present value Rs 125.06 crore) through M/s Narnil Infosolutions Private Limited into M/s Unitech Infopark Limited back in 2009-10. This was accomplished by acquiring a significant 39.83% stake in the company. It was further revealed that M/s Narnil Infosolutions Private Limited was beneficially owned by the Chandras and was being controlled through their associates.

 

The ED launched its investigation based on multiple FIRs registered by Delhi Police and the Central Bureau of Investigation (CBI) following complaints by homebuyers against the Unitech Group, its promoters, and other involved parties.

 

As part of the probe, the ED had previously arrested five individuals, namely Sanjay Chandra, Ajay Chandra, Ramesh Chandra, Preeti Chandra, and Rajesh Malik. To date, two prosecution complaints have been filed by the ED, with the PMLA Court taking cognizance of the same.

 

The ED stated, “Vide 17 provisional attachment orders, including the current attachment, various domestic and overseas assets with a total value of Rs 1,257.61 crore have been attached. The attachment includes assets of Carnoustie Group, Shivalik Group, Trikar Group, and the assets of Shell, benami entities, and personal companies of the Chandras, among others.”

 

The investigation has so far detected proceeds of crime amounting to Rs 7,612 crore, and further inquiries are underway as authorities aim to bring all those involved in the Unitech Group case to justice.

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