ED Seizes Rs 634-Crore Assets in Unitech Money Laundering Probe

The Enforcement Directorate has taken control of assets valued at Rs 634 crore, tied to a significant real estate venture by the Unitech Group in Noida. This operation is part of a broader money laundering investigation related to accusations of fraud against homebuyers.

A tentative order issued under the Prevention of Money Laundering Act authorizes the attachment of properties associated with the Unitech Golf and Country Club Project in Noida sectors 96, 97, and 98. Included in the seizure are leasehold rights covering 347.83 acres and equity stakes through specific business structures.

The case arose from numerous FIRs filed by Delhi Police and CBI, targeting Unitech Limited and its top executives for the alleged misuse of funds from homebuyers. The ED estimated that out of the Rs 16,075.89 crore raised by Unitech, Rs 7,794.35 crore was misappropriated.

Prior investigations identified significant, ongoing economic interests held by associated companies in the project, without corresponding financial contributions. The agency has previously seized assets worth Rs 2,281 crore and submitted multiple chargesheets in connection with this case.

(With inputs from agencies.)