The CBI has registered a case against Ramesh Chandra, the founder of real estate company Unitech Limited, and his sons - Sanjay and Ajay Chandra - for allegedly defrauding Canara Bank of Rs 198 crore. In a complaint filed last month the bank had said Unitech - which had been a customer since 1971 and availed various credit facilities - had defaulted on multiple payments.
The complaint stated that a Supreme Court-ordered forensic audit of Unitech's accounts revealed Rs 14,270 crore had been collected from 29,800 home buyers. However, Rs 5,036.05 crore of this amount had not been utilised for the construction of 74 identified residential projects.
Similarly, the audit revealed that Unitech secured Rs 1,805.86 crore from six financial institutions (including Canara Bank) and, of this, Rs 763.0 crore had not been correctly utilised.
The bank also cited the forensic report to allege that between 2007 and 2010 three Unitech subsidiary companies had made investments of Rs 1,745.81 crore in 10 companies in Cyprus.
"Unitech has committed breach of trust and, without any authority to deal with mortgaged properties, has illegally and with malicious manner created third-party rights, thereby clearly diverting receivables for their personal gain," Canara Bank said in its complaint.
Unitech's account with Canara Bank was classified as a NPA (non-performing asset) in March 2017.
That same month Sanjay and Ajay Chandra were arrested by Delhi Police for allegedly cheating home buyers by not handing over flats even though the company had been paid.
Last month the Delhi High Court refused to extend interim bail of one month granted to Ajay Chandra due to the illness of his wife who was suffering from COVID-19. The court noted that the Supreme Court had been seized of the matter and there was no ground to extend interim bail.
In July the top court gave Sanjay Chandra bail after it was told his parents were severely ill and had been hospitalised. The court was told Ramesh Chandra, 79, had been diagnosed with COVID-19.
In January more than 12,000 hassled home buyers were afforded some relief after the Supreme Court allowed the centre to take management control and appoint a new board of nominee directors. Former IAS officer Yudvir Singh Malik was appointed Chairman & Managing Director.
With input from PTI