The Central Bureau of Investigation (CBI) has filed a lawsuit against former Unitech Ltd. CEO Sanjay Chandra, his father Ramesh Chandra and older brother Ajay Chandra for allegedly cheating Canara Bank Rs 198 crore, people familiar with the development said.
Ironically, Sanjay Chandra was released from Tihar prison after 43 months on Friday night after a court in Delhi granted him four weeks’ relief for his damaged health. He was last arrested in April 2017 by the Delhi Economic Crime Wing (EOW) for allegedly cheating home buyers who have invested in corporate projects.
Unitech Ltd, which previously acted as a construction giant before the company got into 2G spectrum fraud, is facing many investigations from various agencies, including the CBI, ED and the Delhi police.
Sanjay Chandra is already facing trial in fraud with the 2G spectrum. He was first arrested in 2011 by the CBI for allegedly plotting to obtain a telecommunications license for his company.
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To provide relief to some 30,000 home buyers, in January this year, the center decided to take over the company and appoint nominated directors to complete unfinished housing projects. The move was approved by the Supreme Court.
In its latest FIR, lodged at Canara Bank’s complaint, the CBI claimed that Unitech had used other credit options than those it had not repaid. As directors of the company, Sanjay Chandra, Ramesh Chandra and Ajay Chandra gave the bank a personal and corporate guarantee and mortgaged the property as collateral.
It further claimed that the company had illegally sold real estate pledged as collateral without informing the bank.
The Supreme Court appointed M / s Grant Thornton to conduct a forensic audit of Unitech, which revealed that the company had diverted, drained and misused funds.
“Of the Rs 14,270 rupees collected from 29,800 home buyers, about Rs 5,063.05 was not potentially used to build / implement 74 identified projects. Similarly, Unitech used 1,805.86 million rupees from six financial institutions, of which 763.06 rupees were not used for projects, “said a complaint filed by Canara Bank, which was reviewed by HT.
Grant Thornton’s report further revealed that between 2007 and 2019, three Unitech subsidiaries invested Rs 1,745 rupees in 10 companies in Cyprus.
When contacted, Unitech lawyer Vijay Aggarwal declined to comment on the new case.