NEW DELHI: The Enforcement Directorate announced on Friday that it has attached assets valued at ₹634 crore from a significant real estate project by the Unitech Group in Noida. This action pertains to a money laundering investigation related to suspected fraud against homebuyers.
A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to seize properties linked to the Unitech Golf and Country Club (UGCC) Project, located in Sectors 96, 97, and 98 of Noida, Uttar Pradesh, according to the central agency’s statement.
The seizure includes leasehold rights over 347.83 acres of land and equity stakes held via consortiums and special purpose companies (SPC) involving Sungrace Products (India) Pvt. Ltd. (Uflex Group) and CIG Infrastructure Pvt. Ltd. The aggregate value of the attached assets is ₹634.12 crore, while the estimated “fair market value” is reported to be ₹8,115 crore.
The money laundering case originates from 76 FIRs filed by the Delhi Police and the Central Bureau of Investigation (CBI) against Unitech Limited, its promoters, directors, and others, based on allegations of misappropriating homebuyers’ funds.
The ED noted that, out of a total of ₹16,075.89 crore raised by Unitech Ltd. from homebuyers, investors, and financial institutions, ₹7,794.35 crore was allegedly “diverted” for unauthorized purposes.
Furthermore, the investigation revealed that Sungrace Products (India) and CIG Infrastructure maintain substantial economic interests in the UGCC Project despite not contributing financially to its acquisition or development.
The agency has previously attached assets worth ₹2,281 crore and has filed three chargesheets in connection to this case.
