Unitech Group's Financial Scandal: A Deep Dive into Money Laundering Tactics

The Enforcement Directorate (ED) has unveiled a massive financial scandal involving the Unitech Group, accusing them of siphoning off nearly half of the Rs 16,000 crore obtained from homebuyers and financial institutions. According to the latest chargesheet filed in Delhi's PMLA court, these funds were diverted for the personal use of promoters through various benami companies.

The third prosecution complaint names Unitech promoter Ramesh Chandra and several associated companies such as Shivalik Ventures and Auram Asset Management, among others, as accused. With this filing, the total number of individuals and entities implicated stands at 105, with assets worth Rs 1,621.91 crore attached.

The money-laundering investigation began after FIRs by the CBI and Delhi Police against Chandra and his family, revealing a criminal conspiracy to cheat approximately 29,800 homebuyers. The Chandras allegedly used intricate international fund transfers involving the UAE, Cayman Islands, and Singapore to hide the proceeds, and purchased assets abroad using these laundered funds.

(With inputs from agencies.)