Supreme Court grants bail to Unitech's Sanjay Chandra

New Delhi: The Supreme Court has granted bail to Sanjay Chandra, promoter of beleaguered realty firm Unitech Ltd, as both his parents are hospitalized.

A Supreme Court bench headed by Justice DY Chandrachud granted the bail as Sanjay parents have tested positive for corona virus and are in ICU. Sanjay has been in jail for over three years. The bail granted today is for one month. However, the court refused to grant bail to Sanjay younger brother Ajay who is also in jail.

Sanjay and Ajay have allegedly defrauded thousands of homebuyers and siphoned of money received from the homebuyers. The brothers were arrested in March 2017 by Delhi Police for not handing over properties to the buyers even after receiving all the money.

Unitech Ltd has not be able to complete 74 realty projects and about 17,000 homebuyers have suffered due to this. More than half the money received from these 17,000 buyers have allegedly been siphoned off by the two brothers. 

In the last three years, the two brothers have moved the bail application several times citing different reason but all the applications were tuned down.