SC refuses bail to Unitech's Chandra brothers for not deposting Rs 750 cr

Sanjay, managaging director of Unitech, and his brother Ajay were arrested in April last year after investors, who did not get flats in the company's projects, filed complaints of cheating against the

The Supreme Court on Wednesday refused to grant bail to Unitech promoters Sanjay Chandra and Ajay Chandra in a case related to alleged siphoning of home buyers' money.

The court said the company's promoters have not complied with its October 30, 2017 order directing them to deposit Rs 750 crore, news agency PTI reported.

Sanjay, managing director of Unitech, and his brother Ajay, another MD,  were arrested in April last year after investors, who did not get flats in the company's projects, filed complaints of cheating against them. The brothers, who are jailed in Delhi's prison, had sought bail on the ground that they are complying with the court's orders and have deposited over Rs 400 crore.

They are seeking bail in a criminal case lodged in 2015 by 158 home buyers of Unitech projects' Wild Flower Country' and Anthea Project in Gurugram.