ED attaches properties worth Rs 152 cr of Unitech Grp
New Delhi: About a dozen real estate assets worth Rs 152 crore of realty player Unitech have been attached by the ED.
A total of 48.56 acres of land has been attached by ED in the money laundering case being probed by the ED.
"The registered value of these land pieces comes to Rs 152.48 crore and these are owned by promoters of Unitech Group through proxy or benami entities like Crown Infra Projects Pvt Ltd, Kore Communities India Pvt Ltd and Joshu Gurgaon SEZ Pvt Ltd," said ED in a statement.
These 3 companies are part Kore Group or Trikar Group, benami entities created by promoters of Unitech Group, said ED.
The ED is probing multiple cases under the Prevention of Money Laundering Act (PMLA) against Unitech’s promoters-Sanjay Chandra and Ajay Chandra. The Chandras had allegedly diverted as much as Rs 2,000 crore to foreign countries Cyprus and Cayman Island illegally.
ED had recently raided 35 locations in Delhi-NCR and Mumbai in its probe.
For the purchase of these land pieces measuring 48.56 cares, money was arranged through Singapore-based entities like Trikar Property Opportunities Pte Ltd, Joshu Pte Ltd and Trikar Residential Developers Pte Ltd in the 2015-2020 period."
"The source of funds in these companies was from a Cayman Island-based entity namely Trikar Fund Limited (SPC) which is being controlled by the Chandra family through another Cayman-based entity Trikar Asset Management Ltd SPC. After detailed analysis of the seized documents and records followed by the admissions of many persons, the benami structure of companies has been detected," ED said.
"It is highly likely that this benami investment is the part of the fund diverted to Cayman Island and Cyprus," it said.