The Economic Times daily newspaper is available online now.

    Preeti Chandra hid association with nine companies, purchase of two farmhouses and a car: ED

    Synopsis

    The ED has alleged that earlier this year, when Preeti Chandra was questioned a few times and asked about details of her association with companies and other financial transactions, she claimed to be associated with only four companies.

    ED reveals in SC secret underground office of Unitech founders, says Chandras operating from jail
    The Enforcement Directorate (ED) has claimed that Preeti Chandra, the wife of jailed Unitech promoter Sanjay Chandra, did not divulge details of her directorship with a host of companies, transfer of funds into her personal accounts, and purchase of houses and a car, according to people with direct knowledge of the agency’s probe into a money-laundering case against her.

    The ED has alleged that earlier this year, when Preeti Chandra was questioned a few times and asked about details of her association with companies and other financial transactions, she claimed to be associated with only four companies.

    However, the agency said, its probe revealed that in addition to these four, she was a director/proprietor of nine other companies.

    The ED, which last month arrested Preeti Chandra in connection with alleged money laundering linked to Unitech, informed a local court that she did not provide any details of business activities of the nine companies, or those of other directors of companies, their board meetings and decisions or financial transactions.

    The nine companies listed by the ED included Mayfair Investment Pvt Ltd, Mayfair Capital Pvt Ltd, Unitech Chandra Foundation, Tulip Investments Pvt Ltd, FNM Property Services Pvt Ltd, Boddhisattva Estates Pvt Ltd, Preeti Chandra Art Development Foundation and Oxygen Clothing.

    According to the ED, its investigation has also revealed that Preeti Chandra had served as the chief executive of a US-based entity, Ikon Clothing Inc, but this was not revealed to the agency, the people said. It claimed that her husband had incorporated this company in 1996.

    The agency told the court last month that when Preeti Chandra was confronted with this list of companies, she accepted her directorship and gave evasive replies and stated that she had done everything on the instructions of father-in-law Ramesh Chandra, husband Sanjay Chandra and brother-in-law Ajay Chandra.

    During the investigation, she was on April 19 asked to provide details of her transactions with Unitech Ltd and its subsidiaries. She deposed that she never had any transactions.

    However, according to the agency, its investigation has revealed that between 2007-08 and 2011-12, “proceeds of crime” totalling Rs 347.95 crore were generated by diverting home buyers’ funds by Unitech or its associate entity. These proceeds were further diverted to Carnoustic Management India Pvt Ltd, the agency has claimed.

    In February 2011, out of this Rs 347.95 crore, Carnoustic Management paid Rs 107.40 crore to Prakausli Investment India Pvt Ltd through its holding company, Mayfair Investment, as an advance for the purchase of two farmhouses (in the name of Girnar Asthetics Exports Pvt Ltd and Colossal Properties Pvt Ltd), the agency said.

    The ED has submitted that Girnar Asthetics and Colossal Properties were subsidiaries of Prakausali Investment, where Preeti Chandra was a director.

    Neither the farmhouse was given to Carnoustic Management, nor the advance was returned, it said. The investigation regarding tracing out this money is underway, it told the court.

    The ED has further claimed that during July 2014 to May 2015, an amount of around Rs 38 crore was diverted from Bengal Universal Consultants Ltd (a subsidiary of Unitech) to Preeti Chandra’s personal account.

    Between July 2013 and June 2015, around Rs 2.5 lakh was diverted from Unitech’s account held with HDFC bank to Preeti Chandra’s personal account held with the same bank, according to the ED.

    During February 2008-June 2008 around Rs 34.70 lakh was sent from Prakausli Investment’s HSBC account to an account held by Preeti Chandra at the same bank, according to the agency.

    The ED said examination of data provided by HDFC Bank revealed that Preeti Chandra made outward remittance of $200,000 in 2007 for purchasing a car. The agency said neither did she disclose this fact before investigation nor did provide the source of the fund.

    The agency claims to be in possession of numerous incriminating documents relating to Preeti Chandra which include a draft power of attorney for obtaining a loan of Rs 300 crore from HDFC bank.


    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News, Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more

    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News, Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more
    The Economic Times

    Stories you might be interested in