Unitech scam deepens: ED files SPC, traces global money trail and benami assets

Posted on by Vividh Bharathi

New Delhi, July 11 (IANS) The Directorate of Enforcement (ED) has filed a second Supplementary Prosecution Complaint (SPC) before the Special Court (PMLA), in the ongoing investigation against Unitech Limited and its promoters.

The ED said that the complaint has named Ramesh Chandra and several others, including companies such as M/s Shivalik Ventures Pvt. Ltd., M/s Auram Asset Management Pvt. Ltd., M/s Unitech Build Tech Ltd., M/s Unitech Golf Resorts Ltd., and M/s Ranchero Services Ltd., under the Prevention of Money Laundering Act (PMLA), 2002.

The case, rooted in FIRs registered by the CBI and Delhi Police under the IPC and the Prevention of Corruption Act, 1988, pertains to massive ‘financial irregularities’ by Unitech Limited and its directors, including Ramesh Chandra, Sanjay Chandra, Ajay Chandra, and Preeti Chandra, said the ED. Over 29,800 homebuyers invested their life savings into Unitech’s housing projects, which ultimately turned into a massive fraud, the ED added.

Despite collecting Rs 16,075.89 crore from homebuyers and financial institutions, Unitech is accused of diverting Rs 7,794.35 crore for non-sanctioned purposes.

The ED’s investigation reveals a systematic and well-planned laundering operation executed using five major modus operandi:

Inflated share purchases: Funds were diverted by acquiring shares of select companies at prices grossly inflated above market value. These transactions funnelled money to entities like Carnoustie Management Pvt. Ltd. and the Shivalik Group, both linked to the Chandra family, the ED informed.

Venture Capital Fund misuse: Unitech allegedly misused funds from venture capital sources, including CIG Realty Fund I, II, and IV, which were meant for genuine real estate development. Instead, the funds were siphoned off for the personal benefit of the promoters.

Overseas fund layering: A complex cross-border laundering network was uncovered, involving the transfer of funds to the UAE and subsequent rerouting through the Cayman Islands and Singapore, the ED said, adding, the Chandras created and operated the Trikar Group of companies to conceal the illicit origin of the funds using shell entities and benami accounts.

Asset purchases in foreign names: The proceeds of crime were moved outside India and used to acquire immovable assets in the names of family members and benami entities, the ED said. For instance, Preeti Chandra is reported to have purchased three luxury flats in Dubai using diverted funds, added the ED.

Diversion via group entities: The ED has established a detailed flow of funds showing how money collected from homebuyers and banks was funnelled through various group companies and shell firms, enabling its diversion away from intended housing development activities.

As of now, the ED has identified and attached proceeds of crime worth Rs 1,621.91 crore through 21 Provisional Attachment Orders, covering 1,291 properties. All these attachments have been confirmed by the Adjudicating Authority.

With the latest filing, the total number of accused, comprising individuals and entities, stands at 105 across one original and two supplementary prosecution complaints filed in the case.

–IANS

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Delhi polls results: Early trends show Kejriwal leading, CM Atishi, Sisodia trailing

New Delhi, Feb 8 (IANS) As counting begins for the Delhi Assembly elections, early trends show top AAP leaders including Chief Minister Atishi and Manish Sisodia trailing from their respective seats, while the party’s National Convenor Arvind Kejriwal is leading.

The Aam Aadmi Party (AAP), which has governed Delhi for over a decade, is facing significant challenges in the current election results.

Arvind Kejriwal, contesting from the New Delhi Assembly constituency, was initially trailing behind the Bharatiya Janata Party’s (BJP) Parvesh Verma but latest trends showed he is leading.

Manish Sisodia, former education minister of Delhi, is behind in Jangpura, while Chief Minister Atishi is trailing the BJP’s Ramesh Bidhuri in Kalkaji.

Despite these setbacks, some AAP leaders are maintaining leads in their constituencies. Delhi Health Minister Saurabh Bharadwaj is leading in Greater Kailash, and Cabinet colleague Gopal Rai is ahead in Babarpur. Senior party leader Durgesh Pathak, contesting from Rajinder Nagar, is also leading.

However, other prominent AAP figures are facing difficulties. Amanatullah Khan, a two-time MLA from Okhla, is trailing in his seat. Satyendar Jain, who is out on bail in a money laundering case, is behind in Shakur Basti.

Avadh Ojha, an IAS exam coach who joined the AAP ahead of the elections, is trailing in Patparganj, the former seat of Sisodia. Somnath Bharti, contesting from Malviya Nagar, is also behind.

The election, held on February 5 to elect members to the 70-seat Assembly, has been a battleground between the AAP’s ‘Delhi model’ of governance and the BJP’s aggressive campaign focussing on corruption allegations against AAP leaders.

Chief Minister Atishi expressed confidence this morning, stating that the AAP will return to power and called the election a battle between good and evil. Her Cabinet colleague Saurabh Bharadwaj predicted that the AAP would win at least 40-45 seats.

The BJP had intensified its efforts to regain control of Delhi.

As the counting progresses, the final outcome remains uncertain. The election results will determine whether AAP can overcome the early setbacks and retain power, or if the BJP will succeed in its bid to govern the national Capital.

–IANS

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Gurugram: Three members of ‘Thak-Thak’ gang, involved in theft cases, arrested

Gurugram, May 14 (IANS) A crime branch of the Gurugram Police has arrested three members of ‘Thak-Thak’ who were involved in two dozen theft incidents in Delhi and Gurugram, police said.

The suspects have been identified as Surya Swamy, Romit (alias Johnny) and Karan, all residents of Ambedkar Nagar, Delhi.

On April 30, a person lodged a complaint at Police Station DLF Phase-1, Gurugram, regarding that on April 29/30, an unknown person broke the glass of his car near DLF Phase-1, Gurugram, and stole his laptop, purse, and other goods.

On this complaint, a case was registered under the relevant sections at Police Station DLF Phase-1, Gurugram.

The police team of Crime Branch Sector-43, Gurugram, took action and arrested three accused in the matter.

“Accused Surya Swamy was arrested in Gurugram on May 8, and accused Karan was arrested in Aya Nagar, Delhi, on May 9. The police team produced the accused in the court for further action and took them on a five day police custody remand,” police said.

During police interrogation, the accused revealed that they had committed 21 other incidents of theft by breaking the glass of vehicles in Gurugram and Delhi.

From the observation of the criminal record of the accused, it was found that two cases related to theft are registered against accused Surya Swamy in Delhi.

“The accused are the active gang members of the ‘Thak-Thak’ gang. The accused first do a recce of the vehicles parked at deserted places and then, with the help of a slingshot, break the glass of the vehicles and steal the bags, laptops, cash, and other items kept in them,” the spokesperson of the Gurugram Police said.

The police team has recovered one scooter, a slingshot, iron bullets for the slingshot, one laptop charger, and six credit and debit cards from the possession of the accused.

–IANS

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Forex reserves expose Pakistan’s bankruptcy vs India’s boom, says Amit Malviya

New Delhi, May 5 (IANS) BJP leader Amit Malviya on Monday highlighted the weakness of Pakistan’s economy, citing the meagre $15 billion in total foreign exchange reserves that the country has, in sharp contrast to India’s massive forex kitty of $688 billion.

“Forex reserves tell the tale: Pakistan’s Bankruptcy vs India’s Boom,” Malviya posted on X.

“How long will it take for Pakistan’s tiny billions to disappear? Several Indian conglomerates, both public and private, have turnovers many times greater than $15 Bn,” said the national in charge of the BJP’s Information and Technology department.

“Pakistan can’t feed its people, yet its Generals, both serving and retired, are busy dreaming of becoming Ghazis,” Malviya remarked.

Meanwhile, global ratings agency Moody’s on Monday said it sees India’s macroeconomic conditions as remaining stable even if tensions with Pakistan rise after the horrific terror attack at Pahalgam in which 26 tourists were shot dead.

However, sustained escalation in tensions with India would likely hit Pakistan’s economy and hamper the government’s ongoing fiscal consolidation goals, the Moody’s report states.

The report also points out that amid heightened geopolitical posturing, further flare-ups could impair access to external financing and put additional pressure on Pakistan’s foreign-exchange reserves — which, at just over $15 billion, remain far below what is required to meet external debt obligations in the coming years.

In contrast, India’s reserves are robust, exceeding $688 billion. The macroeconomic conditions in India, Moody’s noted, remain stable due to strong public investment and resilient private consumption, despite the possibility of higher defence spending slowing its fiscal consolidation.

According to the report, comparatively, the macroeconomic conditions in India would be stable, bolstered by moderating but still high levels of growth amid strong public investment and healthy private consumption.

“In a scenario of sustained escalation in localised tensions, we do not expect major disruptions to India’s economic activity because it has minimal economic relations with Pakistan (less than 0.5 per cent of India’s total exports in 2024).

Pakistan, on the other hand, is confronted by a precarious situation on the economic front. The country was on the brink of sovereign default in 2023 and had to be bailed out by a $3 billion IMF loan. The country is still critically dependent on this financial lifeline and is desperately trying to raise another $1.3 billion climate resilience loan.

–IANS

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