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Unitech Group money laundering case: ED attaches assets worth over 197 cr

The Enforcement Directorate will probe the possible ‘proceeds of crime’ generated by the accused and the alleged subsequent creation of illegal wealth by them.Premium
The Enforcement Directorate will probe the possible ‘proceeds of crime’ generated by the accused and the alleged subsequent creation of illegal wealth by them.

  • A total of 10 properties, including a resort each in Sikkim (Gangtok) and Kerala (Alappuzha), have been provisionally attached under provisions of PMLA
  • Earlier, on 30 March, the agency had attached Unitech Group's properties worth over 150 crore

The Enforcement Directorate on Saturday attached assets worth over 197 crore in connection with a money laundering case registered against real estate firm Unitech Group, officials said.

A total of 10 properties, including a resort each in Sikkim (Gangtok) and Kerala (Alappuzha), have been provisionally attached under provisions of the Prevention of Money Laundering Act (PMLA).

"The registered value of these immovable properties is 197.34 crore and these immovable properties are owned by the various entities of Carnoustie Group," the ED said.

"The Unitech Group had diverted proceeds of crime to the tune of 325 crore to Carnoustie Group and in turn, the entities of Carnoustie Group purchased several immovable properties from these funds," the ED claimed in a statement.

Earlier, on 30 March, the agency had attached Unitech Group's properties worth over 150 crore. The assets included a dozen of land pieces measuring a total of 48.56 acres in Gurgaon near Delhi.

"The registered value of these land pieces comes to 152.48 crore and these are owned by promoters of Unitech Group through proxy or benami entities like Crown Infra Projects Pvt Ltd, Kore Communities India Pvt Ltd and Joshu Gurgaon SEZ Pvt Ltd."

"These three companies are part of one Trikar Group/Kore Group which is benami investment of the Chandra family of Unitech Group," the ED alleged.

The present criminal case against Unitech Group and its promoters -- filed under the Prevention of Money Laundering Act (PMLA) -- is related to allegations that Sanjay Chandra and Ajay Chandra had illegally diverted more than 2,000 crore to Cyprus and Cayman Island.

Recently, the agency had also raided 35 premises in Delhi-NCR and Mumbai as part of a probe in the case.

The agency claimed its investigation found that for "purchasing these properties, funds were transferred through Singapore-based companies like Joshu Pte Ltd, Trikar Residential Developers Pte Ltd and Trikar Property Opportunities Pte Ltd during 2015-2020."

The PMLA case was registered by the agency after studying multiple FIRs filed by the Delhi Police’s Economic Offences Wing (EOW) against the promoters and the company, including an instance where they allegedly failed to complete a housing project on time in Gurgaon.

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