Enforcement Directorate Freezes Rs 125.06 Crore Worth of Unitech Infopark Land

Enforcement Directorate Freezes Rs 125.06 Crore Worth of Unitech Infopark Land

VoM News Desk | September 25, 2023 | 03:56 PM IST | Breaking News, Crime | Follow on Google News

Enforcement Directorate Freezes Rs 125.06 Crore Worth of Unitech Infopark Land

The Enforcement Directorate (ED) has taken significant steps in its ongoing investigation into money laundering allegations stemming from complaints by Unitech Group homebuyers. Officials announced that they have provisionally attached land valued at Rs 125.06 crore, belonging to Unitech Infopark Limited.

Attachment of Uniworld City Land

The ED’s action involves the provisional attachment of 39.83% of the shares of a 4.79-acre plot of land within the Uniworld City township in Nallambakkam, Chennai. The statement issued by the ED clarified that the land is owned by Unitech Infopark Limited, with 39.83% of its shares held by Narnil Infosolutions Private Limited, which is identified as a benami (proxy) company associated with the Chandras, the promoters of the Unitech Group.

Origins in Homebuyers’ Complaints

This move by the ED is part of its investigation initiated in response to complaints filed by homebuyers against the Unitech Group, its promoters, and other individuals. During its investigation, the ED uncovered alleged investments made by the Chandras of Unitech using the proceeds of crime, amounting to USD 1.50 crore (currently valued at Rs 125.06 crore). These funds were funneled through Narnil Infosolutions Private Limited into Unitech Infopark Limited in 2009-10, with the Chandras acquiring a significant share of the latter company.

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The probe findings also indicated that Narnil Infosolutions Private Limited is effectively owned by the Chandras and was controlled through their associates.

Legal Actions and Attachments

The Enforcement Directorate noted that it had already arrested five individuals in connection with the case: Sanjay Chandra, Ajay Chandra, Ramesh Chandra, Preeti Chandra, and Rajesh Malik. Two prosecution complaints have been filed by the ED, with the PMLA (Prevention of Money Laundering Act) Court taking cognizance of both. So far, the ED has provisionally attached a wide range of assets, both domestic and overseas, with a cumulative value of Rs 1,257.61 crore.

These assets include holdings associated with the Carnoustie Group, Shivalik Group, Trikar Group, as well as assets connected to shell companies, benami entities, and personal firms linked to the Chandras. In total, the ED has identified proceeds of crime amounting to Rs 7,612 crore in this case.

The ED’s actions underscore its commitment to unraveling alleged financial irregularities and money laundering in the Unitech Group, aiming to bring justice to affected homebuyers and ensure accountability in the corporate sector.

VoM News Desk

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