ED Attaches Assets in Unitech Realty Fund & Sahana Builders Scam

The Enforcement Directorate has attached assets worth Rs 335 crore from Unitech International Realty Fund and Sahana Builders under the PMLA Act. The Chandra family allegedly diverted substantial funds illegally, prompting extensive investigation and attachment of over 1,288 assets valued at Rs 1,593.36 crore.

In a significant move, the Enforcement Directorate (ED) announced the attachment of movable properties valued at Rs 319 crore and Rs 16 crore from Unitech International Realty Fund and Sahana Builders Private Limited, respectively. This action falls under the Prevention of Money Laundering Act (PMLA) of 2002, highlighting the agency's ongoing efforts against financial malpractices.

The assets include land rights in areas such as Agra, Varanasi, Mohali, and Chennai, tied to Indian companies of the Unitech International Realty Fund. 'Unitech Limited, which is under the control of the Chandra family, had misdirected Rs 16 crore to Sahana Builders, and this sum was meant to be returned to Unitech Limited,' the ED clarified in a recent statement.

The ED launched the probe following complaints registered by Delhi Police and the Central Bureau of Investigation about Unitech Limited and associates. The Supreme Court further reinforced the necessity for a detailed investigation in its December 2019 order. Investigations unveiled illegal fund diversions amounting to Rs 7,612 crore, involving the Chandra family and their network.

Thus far, 47 searches have taken place, and 19 provisional attachment orders have been issued. In total, 1,288 domestic and international assets worth Rs 1593.36 crore are attached. These include possessions from the Carnoustie Group, Shivalik Group, Trikar Group, and several other entities and individuals connected to the Chandras. To date, eight status reports regarding these developments have been submitted to the Supreme Court.

(With inputs from agencies.)