NEW DELHI: The Enforcement Directorate (ED) on Friday attached properties worth Rs 634.12 crore linked to Unitech Limited in Noida after allegedly finding that the company’s promoters diverted Rs 7,794 crore out of Rs 16,075 crore collected from homebuyers, investors and financial institutions.
The federal agency stated that 76 FIRs have been registered by the Delhi Police and the CBI against Unitech and its promoters for cheating, criminal conspiracy and alleged diversion of homebuyers’ funds.
The agency attached properties under the provisions of the Prevention of Money Laundering Act (PMLA) connected to the Unitech Golf & Country Club (UGCC) project situated in Sectors 96, 97 and 98 in Noida.
The attached properties include leasehold rights over approximately 347.83 acres of land and equity shareholdings held through consortium and Special Purpose Company (SPC) structures involving Sungrace Products (India) Pvt. Ltd. (Uflex Group) and CIG Infrastructure Pvt. Ltd. The present fair market value of the attachment in the UGCC project is Rs 8,115 crore.
ED initiated the investigation on the basis of 76 FIRs registered by the Delhi Police and the CBI against Unitech Limited, its promoters, directors and others under various sections of the IPC and the Prevention of Corruption Act, 1988, relating to cheating, criminal conspiracy and alleged diversion of homebuyers’ funds.
The federal probing agency found that, out of the total funds amounting to Rs 16,075.89 crore received by Unitech Limited from homebuyers, investors and financial institutions, Rs 7,794.35 crore was allegedly diverted for non mandated purposes.
“Investigation further revealed that Sungrace Products (India) Pvt. Ltd. and CIG Infrastructure Pvt. Ltd. have derived and continue to retain substantial economic interest in the UGCC Project without corresponding financial contribution towards acquisition or development of the project,” the agency said.
So far, the ED has attached 1,296 movable and immovable properties worth Rs 2,281.07 crore in the Unitech case. The agency has also filed the main prosecution complaint and two supplementary prosecution complaints before the Special PMLA Court in Delhi. Further investigation is under way.
