Delhi Police Economic Offence Wing (EOW) on last Friday, 31st March, 2017 arrested Sanjay Chandra, the managing director of Unitech Ltd along with Ajay Chandra, brother and joint managing director of the company. The arrest was done in Gurugram. The arrest was done because of the case and complaints raised by the buyers for not giving the authorized possession of the units for which full payment is done and for which even developer is not ready to make refund of money with interest to the unit owners.
As per the verdict given by the police the arrest was done because the developer failed to make the delivery of the housing project on time in Sector 70 of Gurugram. Senior police officer also confirmed that the developer didn’t take required permission from the valid authorities for starting this project. Till April 3 they are supposed to stay in police custody. The accumulated money taken from the buyers of units in this project got utilized for other shell company as per police information.
Madhur Verma, being the police spoke person gave the statement that on Friday night the raid was conducted in the residence of Sanjay and Ajay Chandra and arrest was made for money laundering for a huge amount which is close to INR.35 Crore.
In total there are 95 recorded complaints against the duo brothers related to this project in Gurugram. FIR got lodged against them and they are booked under section 406, 420 (cheating), 409 (breach of trust) and 120 (b) (concealing criminal offence) under Indian Penal Code act.
Earlier in the beginning of the year supreme court gave the verdict on January 12, 2017 that the deposited INR 2 Cr by real estate developer Unitech Resorts Ltd should get distributed among 39 buyers who requested for refund of money due to delay in possession in Vista housing project located in Gurugram. Supreme court later in February 20, 2017 again called for a penalty due to delay in possession and directed the developer to deposit the amount of 14% interest calculated on INR: 16.55 Crore which were invested by all 39 buyers in the project.
Mr. Chandra was last arrested in the year 2011 for 2G spectrum case. He spends eight months behind bar before getting released on November 2011 on bail.