CBI files fresh case against Unitech’s Sanjay Chandra

The Central Bureau of Investigation (CBI) has filed a case towards Unitech Ltd’s former managing director Sanjay Chandra, his father Ramesh Chandra and elder brother Ajay Chandra for allegedly dishonest Canara Bank of ₹198 crore, individuals conversant in the event stated.

Sanjay Chandra was launched from Tihar jail after 43 months on Friday night after a trial courtroom in Delhi granted him interim reduction for 4 weeks, contemplating his aggravated medical situation. His legal professionals stated Chandra suffered from a number of medical situations. He was arrested in April 2017 by Delhi Police’s Economic Offences Wing (EOW) for allegedly dishonest homebuyers who invested in firm initiatives. Unitech was a building big till a couple of years in the past earlier than the corporate was embroiled in 2G spectrum rip-off. It is going through investigations by numerous businesses together with CBI, the Enforcement Directorate and Delhi Police.

Sanjay Chandra is already going through trial in 2G spectrum case. He was first arrested in 2011 by the CBI for allegedly conspiring to get a telecom licence for his firm. To give reduction to about 30,000 homebuyers, in January this yr, the Centre determined to take over the corporate and appoint nominee administrators in order that unfinished housing initiatives might be accomplished. The transfer was accredited by the Supreme Court.

In its newest FIR, filed on a criticism by Canara Bank, CBI has alleged that Unitech had availed of various credit score services from the lender which it did not repay. As administrators of the corporate, Sanjay Chandra, Ramesh Chandra and Ajay Chandra had given private in addition to company assure to the financial institution and had mortgaged properties as collateral.

It has alleged that the corporate has illegally offered the properties mortgaged as collateral with out informing the financial institution.

The SC had appointed Grant Thornton to conduct a forensic audit of Unitech, which revealed that the corporate 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 firms in Cyprus, it added. When contacted, Unitech lawyer Vijay Aggarwal declined to remark.