ED Attaches Unitech Properties Worth Rs 634 Cr In Noida, Fair Market Value Touted To Be Rs 8115 Cr

The Enforcement Directorate (ED) has provisionally attached properties of Unitech Golf & Country Club in Noida valued at Rs 634.12 crore. The agency said the fair market value of the attached properties is around Rs 8,115 crore. ED, on Friday, said the latest provisional attachment of Unitech Group assets is connected to the Unitech Golf & Country Club project in Sectors 96, 97, and 98 of Noida.“Total attachment made vide this PAO is Rs 634.12 crore, identified as proceeds of crime generated through diversion of homebuyers’ and financial institutions’ funds,” the Enforcement Directorate said on Friday.In April, the Supreme Court of India said it wants 22,000 homebuyers of Unitech to get their homes.“ED remains committed to securing and restituting

the proceeds of crime to innocent victims of financial crime and lawful claimants in a transparent and expeditious manner,” the probe agency said.The anti-money laundering agency’s case stems from multiple FIRs filed across Delhi and NCR. Seventy-six FIRs have been registered by Delhi Police and the Central Bureau of Investigation against Unitech Limited, its promoters and directors. These FIRs were filed under sections related to cheating, criminal conspiracy and diversion of funds.“In the latest provisional attachment order, the attached properties include leasehold rights over approximately 347.83 acres of land and equity shareholdings held through consortium and Special Purpose Company structures involving Sungrace Products (India) Pvt. Ltd. (Uflex Group) and CIG Infrastructure Pvt. Ltd. The present fair market value of the attachment made in the UGCC project is Rs 8,115 crore,” the ED said.In June 2024, a Delhi court granted regular bail to former Unitech promoters Sanjay Chandra and Ajay Chandra, noting that they had undergone a “substantial portion of punishment.”In 2021, the Supreme Court ordered the shifting of the Chandra brothers from Tihar Jail to Taloja Central Jail after the Enforcement Directorate accused them of operating an underground office inside Tihar Jail.

Money laundering probe

The ED claimed that Unitech Limited received around Rs 16,075 crore from homebuyers and financial institutions. “Funds amounting to Rs 7,794.35 crore were diverted for non-mandated purposes. Investigation further revealed that Sungrace Products (India) Pvt. Ltd. and CIG Infrastructure Pvt. Ltd. have derived and continue to retain substantial economic interest in the UGCC project without corresponding financial contribution towards acquisition or development of the project,” the ED said.ED has attached 1,296 movable and immovable properties with a total value of Rs 2,281.07 crore in the money laundering probe involving Unitech Limited.A prosecution complaint and two supplementary prosecution complaints have also been filed.