Unitech Managing Director Sanjay Chandra Arrested For Alleged Money Laundering

NEW DELHI: Sanjay Chandra, Managing Director of real estate firm Unitech, and his brother Ajay Chandra were arrested this morning by the Economic Offences Wing (EOW) of the Delhi Police, an officer said. A Delhi court today sent both the brothers to police custody till April 3.

The Chandras were booked for cheating buyers as Unitech failed to complete a project in Gurugram's Sector 70 on time and also did not refund the money along with the interest. Mr Chandra, according to the police, invested flat buyers' money in another shell company

"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," said Delhi Police spokesperson Madhur Verma.

There were 91 complaints against the Chandra brothers in connection with the Gurugram project for which valid permission from the competent authority was not taken, Mr Verma added.

Mr Chandra was arrested in 2011 in the 2G spectrum case and spend eight months in the jail before being released on bail in November 2011.

(With inputs from agencies)