Fraud Unveiled: Unitech's Massive Money Laundering Exposed

The Enforcement Directorate (ED) has intensified its investigation into the Unitech financial scandal by submitting a second supplementary prosecution complaint to the Special Court under the Prevention of Money Laundering Act (PMLA). The complaint targets Ramesh Chandra and additional entities, as part of ongoing efforts to unravel significant financial irregularities and money laundering activities tied to Unitech Limited and its directors.

The investigation stems from FIRs registered by both the Central Bureau of Investigation (CBI) and Delhi Police, invoking various sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988. Central to these inquiries are Unitech promoters, including Ramesh, Sanjay, Preeti, and Ajay Chandra, along with numerous individuals and firms. This complaint advances a broader probe into the reported swindling of over 29,800 homebuyers who invested substantial savings into Unitech's housing projects.

The ED alleges a massive conspiracy orchestrated by the promoters with associates to misappropriate funds from homebuyers. Despite collecting substantial amounts, Unitech failed to deliver possession of flats within promised timelines. Between the Rs 16,075.89 crore amassed from homebuyers and financial bodies, approximately Rs 7,794.35 crore was illicitly diverted. The ED's findings implicate Ramesh Chandra and relatives in funneling monies into benami companies and personal interests.

Illegal methods included purchasing corporate shares at inflated rates, channeling money into entities like Carnoustie Management Pvt. Ltd. and the Shivalik Group, and misappropriating venture capital investments such as CIG Realty Fund series. Complex international money-laundering tactics were also uncovered, employing shell companies under the Trikar Group across the UAE, Cayman Islands, and Singapore before redirecting funds to India. Furthermore, assets bought with diverted funds include three Dubai flats owned by Preeti Chandra.

To date, the ED has identified proceeds of crime worth Rs 1,621.91 crore and has secured 1,291 properties through 21 provisional attachment orders. These efforts now result in 105 individuals and entities being charged over three prosecution complaints. The Special Court (PMLA) in New Delhi is scheduled to review the chargesheet on July 31. (ANI)

(With inputs from agencies.)