Unitech directors arrested, sent to police custody

Real estate company Unitech's Managing Directors Sanjay Chandra and Ajay Chandra were arrested on Saturday by the Economic Offences Wing (EOW) of the Delhi Police. A court here sent them to two days police custody.

The Chandra brothers were booked for cheating buyers as Unitech first failed to complete a real estate project in Gurugram's Sector 70 on time and later refund the money along with the interest to buyers.

The court sent them to two days police custody after police told it that their custody was required to ascertain the money trail and to recover the related documents.

The two were produced before Additional Chief Metropolitan Magistrate Ashu Garg.

"A team of the EOW went to Gurugram on Friday night and raided the residence of Sanjay Chandra and Ajay Chandra. The team arrested them for laundering around Rs 35 crore," said Delhi Police spokesperson Madhur Verma.

Verma added that there were 91 complaints against them in connection with the Gurugram project for which valid permission from the competent authority was not taken.

The project was to be completed by 2014.

The accused are booked under charges dealing with criminal breach of trust, cheating and criminal conspiracy.

In 2015, the court had issued a non-bailable warrant against them in a misappropriation of funds case.

It was alleged by the investors that the accused persons collected around Rs 500 crore from the investors as well as banks but did not utilise even a single penny towards the fulfilment of the contractual obligation and instead misappropriated the money for some other project.

--IANS

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