Enforcement Directorate Takes Action Against Unitech and Sahana Builders
The Enforcement Directorate (ED) has taken significant action by attaching properties worth Rs 319 crore and Rs 16 crore belonging to Unitech International Realty Fund and Sahana Builders Private Limited, respectively. This action is under the Prevention of Money Laundering Act (PMLA), 2002.
Details of the Attached Properties
The attached assets include land rights in Agra, Varanasi, Mohali, and Chennai, valued at Rs 319 crore, linked to Unitech International Realty Fund. Additionally, Rs 16 crore in fixed deposits, diverted by Unitech Limited to Sahana Builders, has been attached.
Background of the Investigation
The investigation began following reports by Delhi Police and the Central Bureau of Investigation against Unitech Limited. The Supreme Court had also ordered a thorough investigation into money laundering and related issues in December 2019.
Findings of the Investigation
The ED discovered that the Chandra family of Unitech Group, along with associates, illegally diverted funds from homebuyers, investors, and banks, amounting to Rs 7,612 crore. The Unitech International Realty Fund was used to channel these funds through personal companies like Auram Asset Management and Uniwell Limited.
Ongoing Investigations and Attachments
To date, 47 searches have been conducted, resulting in 19 Provisional Attachment Orders. A total of 1,288 assets, both domestic and overseas, valued at Rs 1,593.36 crore, have been attached. These include assets of the Carnoustie Group, Shivalik Group, Trikar Group, and others. Eight status reports have been submitted to the Supreme Court.
Doubts Revealed
Enforcement Directorate -: The Enforcement Directorate (ED) is a government agency in India that investigates financial crimes like money laundering and foreign exchange violations. They make sure that people and companies follow the rules about money.
Unitech International Realty Fund -: Unitech International Realty Fund is a part of the Unitech Group, which is a company involved in real estate and construction. They build and sell properties like houses and offices.
Sahana Builders -: Sahana Builders is a construction company in India. They are involved in building projects like homes and commercial buildings.
Prevention of Money Laundering Act -: The Prevention of Money Laundering Act is a law in India that helps stop people from hiding illegal money. It allows the government to take action against those who try to make illegal money look legal.
CBI -: CBI stands for the Central Bureau of Investigation, which is India’s main investigative agency. They look into serious crimes like corruption and fraud.
Chandra family -: The Chandra family is associated with the Unitech Group, a big real estate company in India. They have been investigated for illegal financial activities.
Provisional Attachment Orders -: Provisional Attachment Orders are legal actions taken by authorities to temporarily take control of properties or assets. This is done to prevent them from being sold or hidden while an investigation is ongoing.
