Delhi HC grants bail to Unitech founder Ramesh Chandra in money laundering case
The ED accused Chandra of diverting homebuyers’ money, around ₹380.80 crore, to Carnoustie Management Pvt. Ltd. from Unitech Ltd. between 2007-08 and 2011-12
New Delhi: The Delhi High Court on Friday granted bail to Unitech founder Ramesh Chandra in a money laundering case related to the alleged cheating of several homebuyers.
Chandra, 88, was arrested by the Enforcement Directorate (ED) in October 2021 in the money laundering case.
The ED accused Chandra of diverting homebuyers’ money, around ₹380.80 crore, to Carnoustie Management Pvt. Ltd. from Unitech Ltd. between the years 2007-08 and 2011-12.
The case stemmed from several FIRs registered by the Economic Offences Wing of the Delhi Police against the accused for various offences, including cheating, criminal conspiracy, taking undue advantage by influencing public servants, bribing public servants, and others.
“Bail granted,” a bench of Justice Jasmeet Singh said while pronouncing the verdict.
Chandra was granted interim bail by the Delhi High Court in July 2022, which was extended from time to time. However, in March 2024, the court had asked Chandra to surrender, noting his involvement in serious offences, including the diversion of over Rs. 5,000 crore belonging to homebuyers, which was later stayed by the Supreme Court in the same month.
Also Read: Board overseeing Unitech housing projects moves SC against Noida Authority
The Noida authority, in 2006, allotted 347 acres to Unitech Group for an ultra luxury project with a golf course in sectors 96, 97 and 98 along Noida-Greater Noida Expressway. Unitech launched three projects -- Amber, Burgundy and Willow 1&2 -- under Unitech Golf and Country Club township on 347 acres in sectors 96,97, and 98 along the expressway on the Delhi-Noida border.
