Delhi HC grants bail to former Unitech director Ramesh Chandra in PMLA case
This story was originally published at 11:22 IST on 21 March 2025
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NEW DELHI – The Delhi High Court on Friday granted bail to former Unitech Ltd. director Ramesh Chandra in a money laundering case registered by the Enforcement Directorate. Chandra, who was one of the directors of Unitech, was accused of being involved in the diversion of funds to the tune of INR 58.26 billion belonging to home buyers.
The money laundering case lodged by the Enforcement Directorate is based on first information reports of the Delhi Police Economic Offences Wing and the Central Bureau of Investigation on complaints by homebuyers against the Unitech group and its promoters.
In 2021, the enforcement agency had filed a case under various sections of the Prevention of Money Laundering Act, 2002 against the Unitech group and its promoters over allegations that its owners Sanjay Chandra and Ajay Chandra had illegally diverted over INR 20 billion to Cyprus and the Cayman Islands.
Chandra was arrested by the Enforcement Directorate in 2021. The agency's probe revealed that Unitech Group had diverted proceeds of crime to the tune of INR 3.48 billion to Carnoustie Group and in turn, the entities of the latter had purchased several immovable properties in India and abroad from these proceeds. The agency had claimed then that the total proceeds of crime were INR 76.38 billion.
Chandra was earlier granted interim bail on medical grounds in July 2022. The same was extended from time to time. On Friday, Chandra was granted regular bail by the high court.
At 1101 IST, shares of Unitech were up 2.3% at INR 6.71 rupees on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Tanima Banerjee
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