The third prosecution criticism (chargesheet) within the case was filed earlier than a particular Prevention of Cash Laundering Act (PMLA) court docket in Delhi on July 10 and the federal probe company has named Unitech promoter Ramesh Chandra and linked corporations like Shivalik Ventures Personal Restricted, Auram Asset Administration Personal Restricted, Unitech Construct Tech Restricted, Unitech Golf Resorts Restricted and Ranchero Providers Restricted as accused within the doc.
With this newest chargesheet, the ED has now arraigned a complete of 105 people and entities as accused within the case and hooked up belongings price Rs 1,621.91 crore (comprising 1,291 properties). It started probing the group and its promoters after registering a PMLA case in June 2018.
The cash-laundering probe in opposition to the Unitech Group and its promoters stems from FIRs filed by the Central Bureau of Investigation (CBI) and Delhi Police in opposition to Ramesh Chandra, his sons Sanjay Chandra and Ajay Chandra and daughter-in-law Preeti Chandra (spouse of Sanjay Chandra).
“This criticism is a part of an ongoing money-laundering investigation, wherein greater than 29,800 trustworthy homebuyers invested their lifelong financial savings and hard-earned cash into profitable housing schemes/initiatives launched by Unitech Restricted,” the ED mentioned in a press release.
The promoters, in collusion with co-conspirators, hatched a prison conspiracy and “cheated” the homebuyers by criminally diverting, layering and laundering the invested quantity, it added.The homebuyers had been saved at nighttime and no homes had been delivered to them even after the scheduled timeline, the company mentioned.The ED mentioned its probe has discovered that of the full funds of Rs 16,075.89 crore obtained by Unitech Restricted from homebuyers and monetary establishments, an quantity of Rs 7,794.35 crore was “diverted” by it for non-mandated functions.
Ramesh Chandra and his household “diverted” the funds into their varied “benami” companies and private considerations, parking the cash for his or her private use, the ED mentioned because it gave out the modus operandi deployed by the group promoters to cheat the homebuyers.
It accused the group of misusing enterprise capital funds, supposed to utilise the investor's funds in real real-estate enterprise, for private use.
The promoters laundered the “diverted” funds by transferring these to the United Arab Emirates (UAE) after which introduced these again to India by the UAE, the Cayman Islands and Singapore by “layering” the cash by a number of “benami” entities and shell corporations, the company mentioned.
The Trikar Group (of corporations) was created by the Chandra household to launder cash by this technique, it added.
The Chandras moved the “proceeds of crime” outdoors India and bought belongings within the identify of members of the family and “benami” entities. Preeti Chandra bought three flats in Dubai utilizing these funds, the ED has alleged.
In keeping with the company, the Chandras acquired shares of corporations at “exorbitantly” increased costs than their precise market worth and these funds had been transferred to Carnoustie Administration Personal Restricted and the Shivalik Group.
