Unitech Diverted Rs.2k crore to Tax Havens & Other Countries, ED Informs Court

The Enforcement Directorate (ED) on Tuesday informed a local court that its investigation into an alleged diversion of homebuyers’ funds by promotors of Unitech has revealed that Rs. 2,345 crore of investor funds were diverted to the Cayman Islands, Cyprus, Isle of Man, Mauritius, Jersey, Singapore, the UK, the US the UAE.

Seeking custodial interrogation of Unitech founder Ramesh Chandra and his daughter-in-law preeti Chandra, who were arrested on Monday, the agency alleged that the Chandra family had invested the diverted funds in equity of various shell/benami companies. The court sent Ramesh Chandra to ED’s custody till October 8 and Preeti Chandra till October 9.

In its remand paper, accessed by ET, the agency said these shell companies were holding various high net worth immovable properties. After identification of the properties, an investment of Rs.58 crores in a hotel in the UK had been provisionally attached, it said. S-ET

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