Image used for representation
The Enforcement Directorate (ED) has filed a second supplementary prosecution complaint in connection with the Unitech Limited case, naming several individuals and entities, including company promoter Ramesh Chandra, Shivalik Ventures Private Limited, Auram Asset Management Private Limited, Unitech Build Tech Limited, Unitech Golf Resorts Limited, and Ranchero Services Limited.
The ED investigation is based on cases registered by the Central Bureau of Investigation (CBI) against Unitech Limited and its directors. According to the ED, more than 29,800 homebuyers had invested in various projects of the company.
“The promoters of Unitech Limited (Ramesh Chandra, Sanjay Chandra, Ajay Chandra, etc.), in collusion with co-conspirators…cheated the homebuyers by…diverting, layering, and laundering the invested amount. The homebuyers were kept in the dark, and no homes were delivered to them even after the scheduled timeline… Of total funds amounting to ₹16,075.89 crore received by Unitech Ltd. from homebuyers and financial institutions,… ₹7,794.35 crore were diverted by Unitech Limited for non-mandated purposes,” the agency said in a statement on Friday.
The funds were allegedly routed through ‘benami’ firms and personal accounts of the promoters. Some of these were used to acquire shares of companies at inflated prices, while others were transferred to entities such as Carnoustie Management Private Limited and Shivalik Group, the ED stated.
The agency further alleged that the CIG Realty Fund-I, II, and IV were misused by Unitech Limited and that funds were transferred to the United Arab Emirates (UAE), and later routed back to India via the UAE, Cayman Islands, and Singapore through a network of “benami” entities and shell companies. A group of companies under the name ‘Trikar’ was allegedly established by the Chandra family to facilitate the laundering of money.
The ED said it has identified proceeds of crime worth ₹1,621.91 crore and has attached 1,291 properties of equivalent value. “With this filing, the ED has now arraigned a total of 105 individuals and entities as accused,” it said.
Published – July 11, 2025 10:29 pm IST
