NEW DELHI: The Delhi High Court on Friday granted bail to 86-year-old Unitech Group founder Ramesh Chandra in a money laundering case registered by the Enforcement Directorate (ED).
The court ruled that Chandra qualified as “infirm” under the proviso to Section 45(1) of the Prevention of Money Laundering Act (PMLA), thereby exempting him from meeting the twin conditions for bail under the statute.
Justice Jasmeet Singh, while granting bail, noted that Chandra had been on interim bail since August 8, 2022, on medical grounds and had not misused his liberty during this period.
The court also highlighted the extensive nature of the case, stating, “There are 17 accused persons, 66 companies, 121 witnesses and 77,812 pages of documents plus enormous digital data which needs to be analysed in the present case. Thus, there is no likelihood of the trial to be concluded in the near future.”
The case originates from complaints by homebuyers alleging that Unitech promoters, including Ramesh Chandra and his sons, Ajay Chandra and Sanjay Chandra, induced them into investing substantial sums in the company with false promises of delivering residential projects.
However, the funds were allegedly misused and laundered. Based on these complaints, the Economic Offences Wing (EOW) of Delhi Police and the Central Bureau of Investigation (CBI) registered 62 FIRs against the Unitech promoters and their associates.