The Central Bureau of Investigation (CBI) has booked Unitech Managing Director Sanjay Chandra, his brother, and his father for ostensible deception of Rs 198 crore using public money at Canara Bank. After recording a new case, the CBI searched the locations of the arraigned at several places.
After spending 43 months in Tihar Jail, Unitech MD was liberated on bail on Friday due to medical issues by Delhi’s court. Canara Bank has defamed the real estate company of benefitting credit amenities from Sanjay Chandra on a personal and corporate guaranteed basis.
The company is currently facing several investigations by multiple agencies, including Delhi Police, ED, and CBI. Unitech MD’s alleged role was also involved in the scam of 2G spectrum, but he was sentenced by the trial court. Canara Bank has claimed that the company obtained a loan facility from Chandras on a guarantee basis. Later, due to reduced demand in the housing market, the company began to stopped payments.
The government had occupied the company, and the Supreme Court directed a forensic audit. It was recorded that the firm redirected, shut down, and incorrectly withdrew funds. Of the Rs 1,4270 crore collected from 29,800 homebuyers, about Rs 5063.05 crore was probably not used to assemble and implement 74 projects.
In its complaint, the bank said that Unitech benefited Rs 1805.86 crore from 6 financial institutions, from which Rs 763 crore was not used for the projects. Canara Bank has also complained that the company had betrayed the trust and formed a third party not aware of the amortization.