ED attaches properties of promoters of Unitech group

The EnforcementDirectorate has attached properties worth over Rs 150 crores owned by promoters of the Unitech group.

The agency on Tuesday said that it has attached 12 land pieces admeasuring total area 48.56 acres situated in Gurugram, Haryana.

The registered value of these land pieces comes to Rs. 152.48 Crore and these land pieces are owned by promoters of Unitech Group through proxy/benami entities namely M/s Crown Infra Projects Pvt. Ltd, M/s Kore Communities India Pvt. Ltd. and M/s Joshu Gurgaon SEZ Pvt. Ltd, the agency claimed in a release.

It added that the three companies are the part of one Trikar Group/ Kore Group which is benami investment of Chandra family of Unitech Group.

ED had initiated a money laundering probe on the basis of multiple FIRs registered by Delhi Police.

The agency has claimed that during its investigation has revealed that for purchasing of these properties, funds were transferred through Singapore based companies namely M/s Joshu Pte. Ltd., M/s Trikar Residential Developers Pte. Ltd and M/s Trikar Property opportunity Pte. Ltd during the period 2015-2020.

The source of funds in these Singapore based companies was from a Cayman Island based entity namely Trikar Fund Limited (SPC) which is being controlled by the Chandra Family through another Cayman based entity M/s Trikar Asset Management Ltd SPC, the agency added.

ED had conducted searches at 35 premises in NCR & Mumbai. "Analysis of seized records followed by the admissions of various persons, the above benami structure has been unearthed. Further, investigation revealed that the promoters of Unitech Group had illegally diverted more than Rs. 2,000 Crore to Cyprus and Cayman Island. It is highly likely that this Benami investment is the part of the fund diverted to Cayman Island & Cyprus" the agency claimed.