The Central Bureau of Investigation (CBI) has filed a case against Unitech Ltd’s former managing director Sanjay Chandra, his father Ramesh Chandra and elder brother Ajay Chandra for allegedly cheating Canara Bank of ₹198 crore, people familiar with the development said.
Sanjay Chandra was released from Tihar jail after 43 months on Friday evening after a trial court in Delhi granted him interim relief for four weeks, considering his aggravated medical condition. His lawyers said Chandra suffered from several medical conditions. He was arrested in April 2017 by Delhi Police’s Economic Offences Wing (EOW) for allegedly cheating homebuyers who invested in company projects. Unitech used to be a construction giant until a few years ago before the company was embroiled in 2G spectrum scam. It is facing investigations by various agencies including CBI, the Enforcement Directorate and Delhi Police.
Sanjay Chandra is already facing trial in 2G spectrum case. He was first arrested in 2011 by the CBI for allegedly conspiring to get a telecom licence for his company. To give relief to about 30,000 homebuyers, in January this year, the Centre decided to take over the company and appoint nominee directors so that unfinished housing projects can be completed. The move was approved by the Supreme Court.
In its latest FIR, filed on a complaint by Canara Bank, CBI has alleged that Unitech had availed of different credit facilities from the lender which it failed to repay. As directors of the company, Sanjay Chandra, Ramesh Chandra and Ajay Chandra had given personal as well as corporate guarantee to the bank and had mortgaged properties as collateral.
{{/usCountry}}In its latest FIR, filed on a complaint by Canara Bank, CBI has alleged that Unitech had availed of different credit facilities from the lender which it failed to repay. As directors of the company, Sanjay Chandra, Ramesh Chandra and Ajay Chandra had given personal as well as corporate guarantee to the bank and had mortgaged properties as collateral.
{{/usCountry}}It has alleged that the company has illegally sold the properties mortgaged as collateral without informing the bank.
The SC had appointed Grant Thornton to conduct a forensic audit of Unitech, which revealed that the company had diverted, siphoned off and misappropriated funds. A Grant Thornton report revealed that between 2007 and 2019, three subsidiaries of Unitech made investments of ₹1,745 crore in 10 companies in Cyprus, it added. When contacted, Unitech lawyer Vijay Aggarwal declined to comment.