On Friday, the Enforcement Directorate announced the attachment of assets valued at Rs 634 crore from a significant real estate project of the Unitech Group located in Noida, as part of an investigation into money laundering associated with alleged fraud against homebuyers.
A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to seize properties linked to the Unitech Golf and Country Club (UGCC) Project, which is situated in Sectors 96, 97, and 98 of Noida, Uttar Pradesh, according to a statement from the central agency.
The assets attached include leasehold rights over 347.83 acres of land and equity shareholdings held through consortium or special purpose company (SPC) structures involving Sungrace Products (India) Pvt. Ltd. (part of the Uflex Group) and CIG Infrastructure Pvt. Ltd., the agency reported. It further noted that the total value of the attached assets is Rs 634.12 crore, while the current ‘fair market value’ is estimated to be Rs 8,115 crore.
This money laundering case originates from 76 FIRs filed by the Delhi Police and the Central Bureau of Investigation (CBI) against Unitech Limited, its promoters, directors, and others, on allegations of misappropriation of homebuyers’ funds.
The ED indicated that of the total funds amounting to Rs 16,075.89 crore collected by Unitech Ltd. from homebuyers, investors, and financial institutions, Rs 7,794.35 crore was ‘diverted’ for unauthorized purposes.
The investigation further disclosed that Sungrace Products (India) and CIG Infrastructure have derived and continue to hold significant economic interest in the UGCC Project without making a corresponding financial contribution towards its acquisition or development,” the agency stated. Previously, the agency had attached assets worth Rs 2,281 crore and has filed three chargesheets in this ongoing case.
