Supreme Court to hear Unitech promoters' fraud case today

The Supreme Court on Thursday will hear the alleged fraud case related to real estate major, Unitech Ltd promoters Ajay Chandra and Sanjay Chandra in connection with its delayed housing projects in Noida and Gurgaon.

Several home buyers had knocked the doors of the apex court seeking a direction to the real estate for getting timely possession and compensation of their flats.

Supreme Court is hearing various project-related matters involving Unitech.

Unitech and its promoters have been in news for the wrong reasons.

In February, the Supreme Court asked Unitech to pay interest to 39 flat buyers who chose to withdraw after the builder's failure to deliver flats as promised.

The matter concerned the owners who booked flats in Unitech's Vistas project in Gurugram in Haryana.

In April, a Delhi court granted a three-month interim bail to Ajay Chandra and Sanjay Chandra who were arrested in a fraud case relating to a Gurugram-based real estate project. Additional Sessions Judge Raj Kapoor granted the relief to the Chandras on a personal bond of Rs 70 lakh each and one surety of like amount.

However hours after the bail, Sanjay Chandra and Ajay Chandra were taken into custody by Gurgaon Police in connection with other cases registered against them.

Sanjay Chandra is accused of duping buyers who had booked flats in his real-estate project in Greater Noida.

Home buyers had accused Unitech of not completing the project and non-payment of their money along with interest.

Allegations are also that Sanjay Chandra fraudulently took money from his clients and parked it in a shell company, thereby laundering it abroad.

Earlier, Sanjay Chandra was arrested by the Central Bureau of Investigation (CBI) in the 2G trial.