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Unitech’s managing director and his brother arrested for financial irregularities
The realty firm had failed to complete housing projects in Greater Noida and Gurugram on time and the company’s management did not refund the money along with the interest. Unitech had promised to give possession of the flats in 2012.
New Delhi: Realty firm Unitech’s Managing Director Sanjay Chandra and his brother Ajay were arrested on Saturday in connection with financial irregularities. The Economic Offences Wing booked the two for allegedly cheating buyers and siphoning off clients’ money to foreign accounts.
The realty firm had failed to complete housing projects in Greater Noida and Gurugram on time and the company’s management did not refund the money along with the interest. Unitech had promised to give possession of the flats in 2012.
The buyers then filed an FIR against Unitech.
The Supreme Court on February 20, 2017, directed Unitech Resorts to deposit 14 percent interest on the Rs 16.55 crore invested by 39 home buyers with it.
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The court has also issued non-bailable warrants against Unitech chairman and two MDs, along with charging a fine of Rs 10,000 each. In the last week of March, Supreme Court directed Unitech chairman and managing directors to be present in the court on May 5 in connection with a petition over a proposed scheme of compromise between the company and some home buyers in its projects.
Both of them will be produced before a Delhi court post 2 pm on Saturday.
Earlier Sanjay Chandra was also arrested by CBI in relation 2G case. Chandra had bid and won license for telecom project which he later sold to Norway based company Telenor.
According to the police, there are around 91 cases registered against them. FIR was registered against them and they have been booked under section 406, 409 (breach of trust), 420 (cheating) and 120 (b) (concealing criminal offence) of the Indian Penal Code.