NEW DELHI: The CBI has hired a Managing Director of Unitech Sanjay Chandra, his father Ramesh and his brother Ajay for alleged bank fraud of Rs 198 crore in Canara bankauthorities said Sunday.
The CBI, after registering the new case against Chandra, conducted searches at various locations at the defendant’s premises.
Sanjay Chandra was released on provisional bail from Tihar jail on Friday after 43 months after a Delhi court granted him medical relief.
The company is facing multiple investigations by various agencies, including the Delhi Police, CBI and ED.
Chandra’s alleged role had also been featured in the 2G Spectrum scam, but was acquitted by the trial court.
Canara Bank has alleged that the company had availed itself of its credit facilities on the basis of personal and corporate guarantees from Chandras.
Subsequently, due to low demand in the housing market, the company began to default on payments.
The government had taken over control of the company and the Supreme Court had ordered a forensic audit by Grant Thorton of the company’s finances.
The forensic audit revealed that the company has diverted, diverted and embezzled funds.
“Of the 1.4270 crore collected from 29,800 home buyers, about 5063.05 crore was potentially not used for the construction and implementation of the 74 identified projects.
“Similarly, Unitech leveraged Rs 1,805.86 crore from six financial institutions, of which Rs 763 crore was not used for projects,” the bank, which is now part of the FIR, alleged in its complaint.
The audit also showed that between 2007 and 2010, the company made investments of more than Rs 1,745 million in Cyprus, a tax haven.
The report showed alleged unexplained cancellations of investments and advances to related parties, diversion of funds to offshore tax havens and related companies, it said.
The company allegedly breached trust and created false property in favor of a third party without the knowledge of the mortgagee, the bank alleged.
The bank alleged that the company misappropriated Rs 198 million of public money.
.
