Through their confidants as well as employees, Unitech Group Promoters incorporated, managed, and controlled more than 52 shell companies to launder money from the real estate developer, people privy to an investigation of Enforcement Directorate (ED) into the matter.
Directors of these shell companies were appointed as directors in lieu of payment of Rs.10,000 to Rs.20,000 per month and they were only called occasionally to sign certain documents at different locations and they admitted this to the agency.
Out of 52 shell companies, 27 of them were incorporated, managed, and controlled by Ramesh Chandra, founder, and promoter of Unitech. Dummy directors of these firms were made to sign various documents and were mostly paid salaries in cash and a few times in bank deposits.
Brisbane Realtors Pvt. Ltd, one of the shell companies, used to hold property in its name in village Badshahpr, Gurgaon, Haryana.
In 2012, Unitech Corporate Park invested Rs 2,727 crore in Indian through Candor Investment Ltd. Mauritius. It invested Rs 93 crore in Aten Capital Private Limited (India) out of which Rs.90 crore was invested in seven entities through Aten Portfolio Manager Private Ltd. The seven entities are Elkins Project and Financial Advisors Pvt. Ltd, Feni Precision Equipment Pvt. Ltd, Koyana Infra Developers Pvt. Ltd, Lifelong Steel & Alloys Pvt. Ltd, Zesty Construction Pvt. Ltd, Anuj Buildcon Pvt. Ltd, and Nicky Marmo Ltd. They proclaimed that the Rs.90 crore was never repaid.
However, through the examination of directors of the seven companies by the agency, it was revealed that these are shell companies managed and controlled by Unitech Group. The Chandras denied the allegation leveled against them.
In one of the seven companies a director, under section 50 of the Prevention of Money Laundering Act (PMLA), has testified that he was directed by Sanjay Chandra to invest Rs 90 crore in the shell entities. It was revealed that out of this Rs 90 crore, Rs 20 crore was returned to Unitech Group.
Eventually, the proceeds of crime were routed to Trikar/ Kore Group Companies which is owned and controlled by Sanjay Chandra and his wife Preeti Chandra. The group possesses land parcels to the tune of Rs.152.48 crore in Sector 69-70 of Gurgaon.
In October Ramesh Chandra, father of Sanjay Chandra and Preeti Chandra was arrested for money laundering linked to Unitech. ED reported to the local court that Preeti Chandra had hidden her association with a host of companies, transferred funds into her personal accounts, and purchased houses and a car.
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