This morning, the real estate industry faced a big jolt when the Unitech Managing director Sanjay Chandra and Ajay Chandra were arrested by the Economic Offences Wing from Delhi Police.
This is an incident of double-crossing the buyers when the Chandras were accused of not finishing the project on said time. It was a project in the Sector 70 of Gurugram and on top of this; they did not make any refund of the money interest.
This became the case of cheating and eluding as the Chandras had invested the buyers’ money into some shell company. Madhur Verma, the Delhi Police’s Madhur Verma said, “A team of the EOW went to Gurugram on Friday night and raided the residence of Sanjay Chandra and Ajay Chandra. The team arrested them for money laundering of around Rs. 35 crore”.
The figures are shocking as, the Chandra brothers have a pile of 91 complaints on their names related to Gurugram project. For these projects, they did not have the valid permission on their names.
Today, they will be presented for the hearing in a Delhi Court.
Earlier also, Mr. Chandra was arrested in the year 2011 in 2G spectrum case and had spent eight months in jail being getting released on November, 2011.
With being the managing director of Unitech Ltd, which is India’s 2nd largest real estate investment firm, he is also on the board of Unitech Wireless.
The reports says that, more than two dozen house buyers sought help from National Consumer Disputes Redressal Commission. They were attached to Unitech’s housing projects and the company had failed to provide them house possession according to set schedule. It was back in 2012, when the company had promised the possession of flats to its buyers but could not make up to it.
While doing justice to buyers, the consumer forum asked to return the money along with the interest.
