Unitech Limited Scam: CBI Arrests Directors of Unitech Limited
The CBI has filed a new case against Unitech Limited and its former directors in connection with the Unitech Limited Scam in the IDBI bank involving Rs 395 crore.
CBI Arrested Unitech Directors
CBI has booked the company and its former promoters and directors Ramesh Chandra, Ajay Chandra, and Sanjay Chandra under sections of IPC dealing with criminal conspiracy and cheating, as well as provisions of the Prevention of Corruption Act.
The accused of the Unitech Limited Scam are also being investigated by the CBI for alleged Canara Bank fraud. The company allegedly received a vendor bill discounting (VBD) facility, a type of credit, worth Rs 400 crore from the IDBI bank in 2012, according to officials.
“Due to the slowdown in the real estate sector and the accumulation of inventory, the company was facing a liquidity mismatch, and the payment of VBD bills was delayed,” according to the complaint, which is now part of the FIR.
According to the company, a Supreme Court-ordered forensic audit of the company by Grant Thornton revealed the Unitech Limited Scam and the fact that funds received from home buyers in 74 projects were syphoned off and diverted to offshore tax havens.
How Was The Unitech Limited Scam Scam Executed?
In the Unitech Limited Scam, the transactions were undisclosed and disclosed related entities were discovered during the audit, prompting the Supreme Court to suspend Unitech Limited’s current board, according to the complaint.
Another forensic audit conducted by the IDBI bank from 2015 to 2018 concluded that the borrower company committed fraud, diversion, and misappropriation of funds.
After Maths Of the Unitech Limited Scam
According to officials, the bank asked the CBI to file a “suitable case” under the appropriate sections of law for committing a Rs 395 crore fraud on it.
The company agreed to pay for the liability and sought a rupee term loan of Rs 395 crore, taking over VBD’s liability. According to the complaint, the IDBI bank’s exposure to Unitech was Rs 974.78 crore as of June 30, 2022.
Unitech Has Been On Agencies’ Radar
On October 5, 2021, a Delhi court granted the Enforcement Directorate (ED) permission to detain Unitech founder Ramesh Chandra until October 9, 2021, while the agency investigates the high-profile money-laundering case in which the embattled builder is involved.
The court also granted the ED custody of Preeti Chandra, the wife of Unitech Promoter Sanjay Chandra, until October 8. The court also ordered Rajesh Malik, an executive of Carnoustie Management (India) Pvt, to be detained by the ED until October 11.
Downfall of Unitech Limited
Unitech Group, once India’s second-largest real estate firm, began in early 2011 when Sanjay Chandra was arrested in a 2G Scam.
He was later arrested in other cases for defrauding home buyers in the real estate industry. Prior to the newly discovered Unitech Limited scam, promoter Ramesh Chandra, sons Ajay Chandra and Sanjay Chandra, and Sanjay’s wife Preeti Chandra had been imprisoned for several years.
The Supreme Court recently ordered that the brothers be transferred to separate Mumbai jails for bribing Delhi prison officials and conducting illegal activities from Delhi’s Tihar prison.
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