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ED attaches assets worth over $ 197 billion, Real Estate News, ET RealEstate




The Unitech Group case: ED attaches assets worth over $ 197 billionNEW DELHI: The Enforcement Directorate has attached assets worth over 197 billion in connection with a money laundering case registered against the real estate firm Unitech Group, the agency said on Saturday. A total of 10 properties, including one resort each in Sikkim (Gangtok) and Kerala (Alappuzha), have been temporarily annexed under the provisions of Money Laundering Prevention Act (PMLA).

“The registered value of these immovable properties is Rs 197.34 crore and these immovable properties are owned by various entities of Carnoustie Group, “said ED.

“Unitech Group had transferred the proceeds of crime in the amount of Rs 325 million to Carnoustie Group and on the other hand, Carnoustie Group units bought some real estate from these funds,” ED claimed in a statement.

A few days ago, the agency had similarly attached assets worth Rs 152.48 million to Unitech Group.

A criminal case was filed under various sections of the PMLA against Unitech Group and its promoters in connection with allegations that the owners – Sanjay chandra AND Ajay Chandra – were illegally transferred over Rs 2,000 crore to Cyprus and Cayman Island.

Recently, the agency had also raided 35 premises in Delhi-NCR and Mumbai as part of an investigation into the matter.

The PMLA case was filed by the agency after studying numerous FIRs filed by Delhi Police for Economic Offenses (EOW) against the promoters and the company, including a case where they allegedly failed to complete a timely housing project in Gurgaon.

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