Unitech MD Sanjay Chandra sent to 2-day police custody

A Delhi court on Saturday granted 2-day custody remand of real estate firm Unitech Managing Director (MD) Sanjay Chandra to the Delhi Police, who was arrested by the Economic Offences Wing late last night.

Chandra and his brother were produced before the court earlier today.

Chandra's counsel Vijay Agarwal informed that the police had asked for 3-day remand but the court granted 2-day custody instead.

"The court also raised the concern that what was the need to arrest my client after huge gap of three years. So, now the police was asking for three-day remand, so we pointed out it is a case based on documentary evidence and so the enquiries can be made from the accounts department," Agarwal briefed the media here.

According to sources, 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 Chandra fraudulently took money from his clients and parked it in a shell company, thereby laundering it abroad.

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

Chandra had bid and won licence for the Telecom project which he later sold to Norway company Telenor.

Chandra and his brother will be next produced before the court on April 3 at 2 p.m.