NEW DELHI: The Enforcement Directorate (ED) submitted its Second Supplementary Prosecution Complaint (SPC) to the Special Court under the Prevention of Money Laundering Act (PMLA) on July 10.
The complaint targets Ramesh Chandra and others, including multiple companies such as M/s Shivalik Ventures Private Limited, M/s Auram Asset Management Private Limited, M/s Unitech Build Tech Limited, M/s Unitech Golf Resorts Limited, and M/s Ranchero Services Limited. This action is part of a larger investigation into significant financial irregularities and money laundering associated with Unitech Limited and its directors.
The ED’s investigation was initiated based on FIRs lodged by the Central Bureau of Investigation (CBI) and Delhi Police under various sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988. Those accused include Unitech promoters Ramesh Chandra, Sanjay Chandra, Preeti Chandra, Ajay Chandra, and others.
This supplementary complaint forms a crucial aspect of a larger inquiry into the alleged defrauding of over 29,800 homebuyers, who had invested their life savings in various housing projects promoted by Unitech Limited.
According to the ED, the promoters collaborated with associates in a significant criminal conspiracy to misappropriate and launder these funds. Despite collecting vast amounts from buyers, possession of the flats was not granted even after promised timelines had lapsed.
The ED revealed that of Rs 16,075.89 crore raised from homebuyers and financial institutions, approximately Rs 7,794.35 crore was misappropriated by Unitech for unauthorized purposes. Investigations implicate Ramesh Chandra and his family in diverting funds into several benami firms and personal interests through fraudulent schemes.
These schemes included acquiring shares of companies at inflated values, diverting funds to entities like Carnoustie Management Pvt. Ltd. and Shivalik Group, and misusing venture capital funds such as CIG Realty Fund-I, II, and IV. The agency has also traced complex international fund layering where criminal proceeds were routed through locations such as the UAE, Cayman Islands, and Singapore using a network of shell companies linked to the Trikar Group, before being funneled back to India.
Furthermore, the ED disclosed that proceeds of crime were utilized to acquire personal assets overseas, including three flats in Dubai that Preeti Chandra purchased with diverted funds.
To date, the ED has traced proceeds of crime valued at Rs 1,621.91 crore and has attached 1,291 properties through 21 Provisional Attachment Orders (PAOs), all of which have been authorized by the Adjudicating Authority.
This second supplementary filing increases the total number of individuals and entities charged by the ED to 105, across three prosecution complaints (one original and two supplementary).
The Special Court (PMLA) in New Delhi has scheduled July 31 for considering the chargesheet submitted by the Enforcement Directorate.
