ED Seizes ₹335 Crore in Assets of Unitech Group Amid Money Laundering Investigation

The Enforcement Directorate (ED) has attached assets valued at ₹335 crore under the Prevention of Money Laundering Act (PMLA). This action follows a series of investigations stemming from multiple FIRs filed by the Delhi Police and the Central Bureau of Investigation (CBI) against Unitech Limited and its affiliates. The attachment includes movable properties amounting to ₹319 crore and ₹16 crore linked to Unitech International Realty Fund (UIRF) and Sahana Builders Private Limited.

The ED’s investigations highlight serious allegations against the Chandra brothers, Sanjay and Ajay, who are at the helm of the Unitech Group. The agency claims that the Chandras, in collusion with associates, illegally diverted funds amounting to ₹7,612 crore, which were meant for homebuyers, investors, and banks. This misappropriation of funds has sparked outrage among thousands of affected homebuyers, who feel betrayed and frustrated by the prolonged delays in their housing projects. The UIRF, established by the Chandra family, is accused of siphoning off homebuyers’ funds through a network of companies, including Auram Asset Management Private Limited and Uniwell Limited, registered in the Cayman Islands. The ED’s investigation has uncovered a complex web of financial transactions designed to obscure the true nature of these diversions.

The agency’s actions involve attaching land rights in key urban areas, including Agra, Varanasi, Mohali, and Chennai, valued at ₹319 crore. In addition, it was revealed that Unitech Limited diverted ₹16 crore to Sahana Builders, which is allegedly due back to the company, further complicating the financial landscape of the group. Community sentiment surrounding these developments is a mix of anger and hope. Many homebuyers who invested in Unitech’s projects have been left in limbo, with dreams of homeownership dashed. As legal battles continue, affected individuals express a longing for justice and accountability, echoing a widespread demand for greater transparency and regulation in the real estate sector.

The implications of this case extend beyond individual grievances; they raise critical questions about sustainability in the property market. The diversion of funds not only jeopardises projects but also impacts local economies reliant on housing development. Stakeholders are increasingly calling for stringent measures to ensure that investments in real estate are protected and that the funds are used responsibly for community benefit. As the investigation progresses, the ED’s actions may serve as a cautionary tale for other real estate developers, highlighting the necessity of ethical practices and accountability in an industry that plays a pivotal role in shaping urban environments. The broader hope is that such measures will pave the way for a more sustainable and responsible property market that prioritises the needs and rights of consumers.