Unitech money laundering case: MD Sanjay Chandra, brother Ajay Chandra sent to 2-day police custody

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New Delhi | Updated: April 1, 2017 4:36:45 PM

Unitech Managing Director Sanjay Chandra was arrested last night by the economic offence wing (EOW) of the Delhi Police along with his brother in connection to a money laundering case.

Unitech Managing Director Sanjay Chandra, Unitech Managing Director arrested, Unitech MD arrested, Delhi Police, Patiala House Court, UnitechUnitech MD Sanjay Chandra. (PTI)

Unitech Managing Director Sanjay Chandra was arrested last night by the economic offence wing (EOW) of the Delhi Police along with his brother in connection to a money laundering case. The two will be produced in the Patiala House Court of Delhi today after 2 PM. According to reports, MD of the  real estate major has been accused of conning buyers who had booked flats in his Greater Noida real estate project. Buyers have accused him of not completing the project and for the non payment of their money with interest.

In the latest developments, Sanjya Chandra and brother Ajay Chandra have been send into police custody till April 3.

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Earlier this week, the Supreme Court of India had asked the MD of Unitech Ltd to appear before it to explain over the delay in handing over flats to homebuyers. Besides the managing director, a bench headed by Justice Dipak Misra also asked the directors of the firm to appear before the court and fixed the matter for hearing on May 5. The court had on February 20 asked the builder to deposit 14 per cent interest on Rs 16.55 crore invested by 39 homebuyers with it. The 39 homebuyers, who have moved the court, had booked flats in Unitech’s Vista housing project in Gurugram. They had sought a refund of their principal amount, totalling Rs 16.55 crore with interest, after the developer, which had promised to give the possession by 2012, delayed it, according to reports.

The National Consumer Disputes Redressal Commission (NCDRC) approached a number homebuyers of Unitech’s housing projects in Noida and Gurugram after the builder of the project failed to deliver the flats to them as per schedule. Unitech was asked by the consumer forum to refund money to the homebuyers with interest.

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