Delhi High Court Approves Bail for Unitech Founder Ramesh Chandra in Money Laundering Case
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Synopsis
On March 21, the Delhi High Court granted bail to Unitech founder Ramesh Chandra in a money laundering case, highlighting the extensive documentation involved and the delays in the trial process. The court placed specific conditions on his bail, including maintaining communication with the Investigating Officer.
Key Takeaways
- The Delhi High Court granted bail to Ramesh Chandra.
- There are significant delays expected in the trial process.
- Chandra must maintain communication with the Investigating Officer.
- He is prohibited from leaving the country during bail.
- The total proceeds of crime identified in the case is Rs 7,638.43 crore.
New Delhi, Mar 21 (NationPress) The Delhi High Court has granted bail to Ramesh Chandra, the founder of Unitech, in a significant money laundering case on Friday. A bench led by Justice Jasmeet Singh noted the absence of an imminent trial, given the extensive documentation involved.
There are currently 17 accused individuals, 66 companies, 121 witnesses, and an overwhelming 77,812 pages of evidence, along with vast digital data awaiting analysis. Consequently, the bench indicated that the trial is unlikely to conclude in the near future.
In granting bail, the Delhi High Court required Ramesh Chandra to submit a personal bond of Rs. 1 lakh to the satisfaction of the trial court.
The court mandated that Chandra must appear before the legal proceedings as scheduled, unless otherwise exempted. It also specified that he must refrain from engaging in any criminal acts during the bail duration.
The bench instructed Ramesh Chandra to provide his mobile number to the assigned Investigating Officer (IO) upon release, ensuring it remains active and unchanged without prior notice. Additionally, he must inform the IO and the court of any change in address and is prohibited from leaving the country while on bail, necessitating the surrender of his passport to the trial court at release.
Furthermore, the Delhi High Court cautioned Ramesh Chandra against communicating with, intimidating, or influencing any prosecution witnesses or tampering with evidence related to the case.
In October 2021, the Enforcement Directorate (ED) arrested Ramesh Chandra, his daughter-in-law Preeti Chandra, and real estate promoter Rajesh Malik as they investigated the Unitech Group under the Prevention of Money Laundering Act (PMLA).
Ramesh Chandra, now in his 80s and reportedly facing health issues, was granted interim bail by the Delhi High Court in July 2022, with extensions due to his medical condition. The ED's investigation stemmed from multiple FIRs filed by the Delhi Police and CBI following complaints from homebuyers against the Unitech Group and its promoters. The ED uncovered that the Unitech Group misappropriated approximately Rs 347.95 crore to the Carnoustie Group, which subsequently acquired numerous properties in India and overseas with these illicit funds. The total proceeds of crime identified in this case amount to Rs 7,638.43 crore.
