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ED seizes hotel in London in money laundering probe against Unitech Group Unitech Group

ED seizes hotel in London in money laundering probe against Unitech Group

India Blooms News Service | @indiablooms | 30 Jul 2021, 09:37 pm

Delhi/IBNS: The Enforcement Directorate (ED) has seized a hotel in London worth Rs  58.61 crore in connection with a money laundering case against real estate company Unitech Group and its owners Sanjay Chandra and Ajay Chandra, according to media reports.

The ED acted based on several FIRS filed by homebuyers against the Unitech Group and its promoters with Delhi Police economic offences wing (EOW), the probe agency said in a statement

ED claimed that "tainted funds of Rs 325 crore belonging to homebuyers were diverted to Carnoustie group", according to media reports.

Bed and Breakfast, the hotel attached by ED, is owned by Ibournshorne Limited, a UK-based associate firm of the Carnoustie group, said the report in the media.

The probe agency which investigates economic offences issued the order under the Prevention of Money Laundering Act (PMLA).

"Out of this, Rs 41.3 crore was diverted to UK after substantial layering through Carnoustie Group, India and through Indesign Enterprises Pvt Ltd, Cyprus," the statement said.

The ED alleged that these funds were "used for purchasing the shares of Ibounshorne Limited, UK in the name of Carnoustie Management India Pvt Limited, an entity belonging to Carnoustie group".

The report said that ED filed criminal cases under various sections of the PMLA against Sanjay Chandra and Ajay Chandra over allegations that they  illegally diverted over Rs 2,000 crore to Cyprus and the Cayman Islands.

"Total proceeds of crime in this case is Rs 5,063.05 crore as determined till now," ED said.

Earlier this year, ED conducted raids in 35 locations of Shivalik Group, Trikar Group, Unitech Group and Carnoustie Group in Mumbai and the national capital region (NCR).

"After analysis of the seized records followed by the disclosures of various persons, the above diversion of proceeds of crime has been unearthed," ED had alleged.

The total attachment in this case now stands at Rs 595.61 crore as three similar orders have been issued earlier, said the media report.