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‘52 Shell Cos Helped Unitech Promoters Launder Money’

Promoters of Unitech Group allegedly incorporated, controlled and managed more than 52 shell companies through their confidants including some employees to launder money from the real estate developer, people privy to an Enforcement Directorate (ED) investigation into the matter told ET.

Directors of the said shell companies have admitted to the agency that they were appointed as directors in lieu of payment of Rs. 10,000 to 20,000 per month and that they were only called to sign certain documents occasionally at different locations, the sources claimed.

One of the ED investigation reports examined by ET claimed that out of the 52 shell companies, 27 were incorporated, managed and controlled by Ramesh Chandra, founder and promoter of Unitech.

Dummy directors of these firms were paid salaries mostly in cash and a few times in bank deposits, and they were made to sign various documents, the sources said.

One of the shell companies, Brisbane Realtor’s Pvt Ltd, was used to hold a property in its name in village Badshahpur, Gurgaon, Haryana, they claimed.

The investigation report cited one instance to elaborate on how the shell companies were used to generate, layer and launder “proceeds of crime”.

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