The Enforcement Directorate has seized Rs 634 crore in assets from the Unitech Group in Noida, escalating its money laundering investigation related to alleged fraud against homebuyers.
Key Points
- The Enforcement Directorate (ED) has attached Rs 634 crore worth of Unitech Group assets in Noida.
- The asset seizure is linked to a money laundering investigation concerning alleged fraud against homebuyers.
- The attached assets include land and equity shareholdings in the Unitech Golf and Country Club (UGCC) project.
- The ED alleges that Unitech diverted Rs 7,794.35 crore of homebuyers' funds for non-mandated purposes.
- The money laundering case stems from multiple FIRs filed against Unitech for diverting homebuyers' funds.
The Enforcement Directorate on Friday said it has attached assets worth Rs 634 crore of a prominent realty project of the Unitech Group in Noida as part of a money laundering investigation linked to alleged fraud with homebuyers.
A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach properties connected with the Unitech Golf and Country Club (UGCC) Project situated in Sectors 96, 97 and 98 of Noida, Uttar Pradesh, the central agency said in a statement.
Details of the Unitech Asset Seizure
The attachment includes leasehold rights over 347.83 acres of land and equity shareholdings held through consortium/special purpose company (SPC) structures involving Sungrace Products (India) Pvt. Ltd. (Uflex Group) and CIG Infrastructure Pvt. Ltd., it said.
It added that the value of the attached assets is Rs 634.12 crore, but the current "fair market value" is stated to be Rs 8,115 crore.
Background of the Money Laundering Case
The money laundering case stems from 76 FIRs registered by Delhi Police and Central Bureau of Investigation (CBI) against Unitech Limited, its promoters, directors, and others on charges of diversion of homebuyers' funds.
The ED said that out of the total funds of Rs 16,075.89 crore collected by Unitech Ltd. from homebuyers, investors and financial institutions, Rs 7,794.35 crore was "diverted" for non-mandated purposes.
Further Investigation Findings
"Investigation further revealed that Sungrace Products (India) and CIG Infrastructure derived and continue to retain substantial economic interest in the UGCC Project without a corresponding financial contribution towards its acquisition or development," it said.
The agency earlier attached assets worth Rs 2,281 crore and has so far filed three chargesheets in this case.
