How is the Unitech Scam Expanding? ED Files SPC and Traces Global Money Trail and Benami Assets
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Synopsis
The Unitech scam continues to unfold with the ED filing a new Supplementary Prosecution Complaint, revealing shocking financial irregularities. With allegations of money laundering and benami assets surfacing, the investigation uncovers a web of deceit involving prominent figures and vast sums of money. This compelling story highlights the ongoing battle for justice.
Key Takeaways
- The ED has filed a second Supplementary Prosecution Complaint against Unitech Limited.
- Financial misconduct has affected over 29,800 homebuyers.
- The investigation has revealed a complex money laundering operation.
- Proceeds of crime worth Rs 1,621.91 crore have been identified and attached.
- A total of 105 individuals and entities are accused in this case.
New Delhi, July 11 (NationPress) The Directorate of Enforcement (ED) has submitted a second Supplementary Prosecution Complaint (SPC) to the Special Court (PMLA) as part of its ongoing inquiry into Unitech Limited and its promoters.
The ED's complaint identifies Ramesh Chandra along with several other individuals and companies, including M/s Shivalik Ventures Pvt. Ltd., M/s Auram Asset Management Pvt. Ltd., M/s Unitech Build Tech Ltd., M/s Unitech Golf Resorts Ltd., and M/s Ranchero Services Ltd., under the Prevention of Money Laundering Act (PMLA), 2002.
This case stems from FIRs filed by the CBI and Delhi Police under the IPC and the Prevention of Corruption Act, 1988, concerning significant financial misconduct by Unitech Limited and its directors, including Ramesh Chandra, Sanjay Chandra, Ajay Chandra, and Preeti Chandra. The ED disclosed that over 29,800 homebuyers invested their life savings into Unitech’s housing projects, which ultimately became a massive fraud.
Despite raising Rs 16,075.89 crore from homebuyers and financial institutions, Unitech is accused of misappropriating Rs 7,794.35 crore for unauthorized purposes.
The ED's investigation has unveiled a methodical and intricately planned laundering scheme utilizing five primary tactics:
1. Inflated share purchases: Funds were misdirected by acquiring shares in selected companies at prices significantly higher than market value. This resulted in money being funneled to entities like Carnoustie Management Pvt. Ltd. and the Shivalik Group, both connected to the Chandra family, as revealed by the ED.
2. Venture Capital Fund misuse: Unitech allegedly misappropriated funds from venture capital sources, including CIG Realty Fund I, II, and IV, which were intended for legitimate real estate development, instead using them for the personal gain of the promoters.
3. Overseas fund layering: A complex international laundering network was uncovered, involving the transfer of funds to the UAE and subsequent rerouting through Cayman Islands and Singapore. The Chandras reportedly established and operated the Trikar Group of companies to obscure the illegal origins of the funds using shell entities and benami accounts.
4. Asset purchases in foreign names: The proceeds of crime were transferred outside India and utilized to acquire immovable assets in the names of family members and benami entities. For example, Preeti Chandra is reported to have purchased three luxury flats in Dubai using misappropriated funds, as stated by the ED.
5. Diversion via group entities: The ED has documented a detailed flow of funds illustrating how money collected from homebuyers and banks was channeled through various group companies and shell firms, allowing for its diversion away from intended housing development activities.
Currently, the ED has identified and seized proceeds of crime totaling Rs 1,621.91 crore through 21 Provisional Attachment Orders, encompassing 1,291 properties. All these attachments have been confirmed by the Adjudicating Authority.
With this latest filing, the total number of accused, including individuals and entities, has reached 105 across one original and two supplementary prosecution complaints filed in the matter.
Point of View
I believe in the importance of transparency and accountability. The ongoing investigation into Unitech Limited serves as a reminder of the need for vigilance in the financial sector, ensuring that the interests of the common man are protected against corporate malfeasance.
NationPress
26/07/2025
Frequently Asked Questions
What is the Unitech scam about?
The Unitech scam involves allegations of financial irregularities and money laundering by Unitech Limited and its promoters, affecting over 29,800 homebuyers.
What actions has the ED taken?
The ED has filed a second Supplementary Prosecution Complaint and has identified and attached proceeds of crime worth Rs 1,621.91 crore.
Who are the key individuals involved?
Key individuals include Ramesh Chandra, Sanjay Chandra, Ajay Chandra, and Preeti Chandra, among others associated with Unitech Limited.
What are the main tactics used in the scam?
The main tactics include inflated share purchases, misuse of venture capital funds, overseas fund layering, asset purchases in foreign names, and diversion via group entities.
How many accused are there in the case?
Currently, there are a total of 105 accused individuals and entities in the ongoing case.
