Chandra, one of the directors of Unitech, was accused of participating in the transfer of funds for home buyers, reaching Rs 58,26 crore. The money laundering case was filed based on the first information report of the Delhi Police Economic Crime Department and the CBI on complaints against Unitech Group and its sponsors on housing loans.
Justice Jasteet Singh noticed the fact that the trial had not yet begun when granting bail. “There are 17 defendants, 66 companies, 121 witnesses and 77,812 pages of documents plus a large amount of digital data that needs to be analyzed in this case. Therefore, there is no possibility of a trial in the near future.”
The order said: “Unless the individual is exempted from appearance, the petitioner (Ramesh Chandra) should appear in court.
He also does not communicate with any witness prosecuting or tampering with evidence in a case, intimidate or influence any witness prosecuting.
Chandra was asked to provide a personal deposit and was satisfied with a guarantor of Rs.11 lakh to satisfy the satisfaction of the trial court. In addition, Chandra was instructed to provide the investigative officer (IO) concerned that his cell phone number should always remain in operation upon release and asked him not to turn off or change the same situation without prior hinting at the IO. Court, Judge Singh said in his 28-page order. People in the fifties, reportedly healthy, once in poor health, were granted temporary bail in July 2022 on medical reasons. On Friday, Chandra was released on regular bail by the High Court.
In 2021, law enforcement agencies filed cases against Unitech Group and its sponsors under various parts of the Money Laundering Act. Chandra, his daughter woman Preeti Chandra and real estate promoter Rajesh Malik were arrested by the Enforcement Bureau in 2021.
While Chandra was the founder and chairman of the company, thousands of home buyers were persuaded to invest their lifetime savings in the company’s residential units. A large portion of these funds are misappropriated for non-convening activities. Several criminal cases of cheating and fraud have been filed against Chandra according to complaints from the aggrieved home buyer. Subsequently, in 2016, the Supreme Court became aware of the matter and ordered the petitioner to be removed from the company from January 2020. Chandra is said to be the direct beneficiary of the proceeds of crime, reconciling at Rs 5826 crore (by forensic custodian Grantors thornton llp in tht Forensig cornicecornic prosensig cornensic presensiccrore int forensig cornensic corne.
