Unitech founder Ramesh Chandra and sons booked in Rs 198 crore bank fraud
New Delhi: The CBI on Sunday (December 6, 2020) filed a case towards Unitech founder Ramesh Chandra, his son and MD Sanjay Chandra, and different son Ajay Chandra for allegedly dishonest Canara Bank of Rs 198 crore.
In a criticism filed in November 2020, the financial institution claimed that Unitech had availed varied credit score services and had defaulted on a number of funds.
In its criticism Canara Bank claimed: “Unitech has committed breach of trust and, without any authority to deal with mortgaged properties, has illegally and with malicious manner created third-party rights, thereby clearly diverting receivables for their personal gain.”
The criticism said {that a} Supreme Court-ordered forensic audit of Unitech’s accounts revealed Rs 14,270 crore had been collected from 29,800 residence patrons. However, Rs 5,036.05 crore of this quantity had not been utilised for the development of 74 recognized residential initiatives.
Unitech’s account with Canara Bank was labeled as a NPA (non-performing asset) in March 2017. Later that very same month, Delhi Police arrested each Sanjay and Ajay Chandra for allegedly dishonest residence patrons by not handing over flats regardless that the corporate had been paid.
Recently, the Delhi High Court refused to increase interim bail of 1 month granted to Ajay Chandra whose spouse has been contaminated by novel coronavirus. The courtroom famous that the Supreme Court had been seized of the matter and there was no floor to increase interim bail.
Meanwhile, Unitech Ltd reported a consolidated web lack of Rs 1,316.65 crore for the March quarter of the final fiscal. Its web loss stood at Rs 402.16 crore within the year-ago interval.
The whole earnings fell to Rs 148.15 crore within the fourth quarter of the final fiscal from Rs 663.39 crore within the corresponding interval of the earlier yr, based on a regulatory submitting.
The web loss stood at Rs 1,562.16 crore in the course of the 2019-20 monetary yr, as towards a web lack of Rs 790.83 crore within the earlier fiscal. The whole earnings rose to Rs 1,764.93 crore final fiscal from Rs 1,371.04 crore within the earlier yr.
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