Unitech

The Enforcement Directorate (ED) has temporarily attached land worth Rs 125.06 crore that belonging to Unitech Infopark as part of its investigation, according to officials. The Uniworld City township at Nallambakkam in Chennai is located on 4.79 acres, of which, 39.83 per cent share land has temporarily been attached by ED. Allegations of money laundering were stemming from complaints filed by Unitech group homebuyers.

“The adjoining land is worth Rs 125.06 crore. The aforementioned property is owned by Unitech Infopark Limited, of which Narnil Infosolutions Private Limited (a benami business of the Chandras, the Unitech Group’s proprietors) owns 39.83 percent of the shares,” ED said in a statement.

the ED opened an inquiry based on a number of FIRs filed by the Delhi Police and CBI, in response to accusations made by homebuyers against Unitech Group, its promoters, and others.

According to an investigation by the ED, Chandras of Unitech invested proceeds from crime totaling $15,087,114 (roughly Rs 125.06 crore today) through M/s Narnil Infosolutions Private Limited into M/s Unitech Infopark Limited in the 2009–10 fiscal year by purchasing 39.83 per cent of the company’s shares.

According to the investigation, Chandras own M/s Narnil Infosolutions Private Limited in its entirety and exercise control over it through their business partners. The ED has filed two prosecution complaints so far noticed by the Prevention of Money Laundering Act (PMLA) Court.