Unitech MD Sanjay Chandra arrested for duping customers
01 April 2017
Real estate giant Unitech's managing director Sanjay Chandra and his brother Ajay Chandra were arrested today on charges of duping buyers who had booked flats in the company's Greater Noida project.
The Economic Offence Wing (EOW) of the Delhi Police arrested Sanjay Chandra, MD of real estate investment company Unitech Ltd and his brother Ajay Chandra on Friday.
The duo, who were arrested from Gurugram early in the day, are to be presented before a Delhi court for remand proceedings at 2 pm in the day.
The Delhi Police had earlier filed an FIR against Chandra on the complaint of home buyers. Chandra is accused of duping buyers who had booked flats in his Greater Noida residential project. The buyers alleged that Unitech had not completed the project on time and also did not refund their money along with interest.
There are also allegations that Chandra fraudulently took the money of his clients and used a shell company to launder it abroad.
According to police, 91 people invested Rs35 crore in the project but never got their flats.
"The investigation of this case is being monitored by trial court. The investors had also approached the Delhi High Court," said a senior police officer.
In January, a Delhi court had ordered a 1-day judicial custody for Chandra and other promoters of Unitech.
The duo did not return the money to the buyers who sought refund of their amount for delay in handing over the possession of the housing project in Gurugram. They are also accused of duping several people and have around 95 complaints registered against them for committing fraud to the tune of Rs35 crore.
An FIR has been registered against them and they have been booked under section 406, 409 (breach of trust), 420 (cheating) and 120 (b) (concealing criminal offence) of the Indian Penal Code.
A PTI report said over two dozen home buyers of Unitech's housing projects in Noida and Gurugram had approached the National Consumer Disputes Redressal Commission (NCDRC) after the builder had failed to give them possession of their flats as the per schedule. The company had promised to hand over the possession of flats in 2012, but failed to meet the deadline.
The consumer forum had asked Unitech to refund the money to the home buyers with interest.
On 12 January 2017, the Supreme Court directed that Rs2 crore deposited by real estate major Unitech Resorts Ltd. with its registry be distributed among 39 home buyers who have sought refund of their amount for delay in handing over the possession of flats in the Vista housing project in Gurugram.
Slapping a penalty on Unitech Resorts for delaying handing over of flats, the Supreme Court on 20 February 2017, directed it to deposit 14 per cent interest on the Rs16.55 crore invested by 39 home buyers with it.