The CBI has filed a case against Ramesh Chandra, the creator of real estate firm Unitech Limited, and his sons – Sanjay and Ajay Chandra – for allegedly defrauding Canara Bank of 198 crores. In a complaint filed last month that the lender had stated Unitech – that was a client since 1971 and obtained various credit bureaus – had defaulted on multiple obligations.
The complaint stated that a Supreme Court-ordered forensic audit of Unitech’s report showed $14,270 crore was gathered from 29,800 house buyers. But, $ 5,036.05 crore of the amount hadn’t been employed for the building of 74 identified residential jobs.
In the same way, the audit demonstrated that Unitech procured $ 1,805.86 crore from six financial institutions (like Canara Bank) and, of the $763.0 crore hadn’t been properly utilized.
The lender also mentioned the forensic report to state that between 2007 and 2010 three Unitech subsidiary firms had made investments of $ 1,745.81 crore from 10 businesses in Cyprus.
“Unitech has committed a breach of confidence and, with no ability to cope with properties that are overburdened, has and with malicious mode established third-party rights, thus clearly deflecting receivables for their private profit,” Canara Bank stated in its criticism.
That same month Sanjay and Ajay Chandra were arrested by Delhi Police for allegedly displaced property buyers by not handing over apartments though the firm was paid.
Last month that the Delhi High Court refused to expand the bail of a single month awarded to Ajay Chandra as a result of the sickness of his wife who had been suffering from COVID-19. The court noted the Supreme Court was seized of this issue and there was no floor to expand interim bail.
In July the very best courtroom gave Sanjay Chandra bond after it had been advised his parents were seriously ill and was hospitalized. The court was advised Ramesh Chandra, 79, was diagnosed with COVID-19.
In January over 12,000 hassled property buyers were given some relief following the Supreme Court allowed the facility to take control of management and create a new board of nominee directors.