New Delhi: The Delhi High Court has given bail to Ramesh Chandra, the founder of Unitech, in a case about money laundering related to homebuyers. Chandra, who is 88 years old, was arrested by the Enforcement Directorate (ED) in October 2021 for allegedly cheating homebuyers. The ED claims Chandra took about ₹380.80 crore from homebuyers and used it for another company, Carnoustie Management Pvt. Ltd., between 2007 and 2012.
The case started after several complaints were filed with the Economic Offences Wing of the Delhi Police. These complaints accused Chandra of cheating, planning crimes, and bribing officials.
The judge, Justice Jasmeet Singh, said, “Bail granted.” In July 2022, Chandra was given temporary bail which was extended several times. However, in March 2024, the court asked him to turn himself in due to serious charges, including the misappropriation of over ₹5,000 crore that belonged to homebuyers. The Supreme Court later put a stop to this order.
Chandra’s company, Unitech, was given land by the Noida authority in 2006 to build a luxury project with a golf course in sectors 96, 97, and 98 near the Noida-Greater Noida Expressway. Unitech then started three projects called Amber, Burgundy, and Willow 1&2 as part of the Unitech Golf and Country Club.
Leave a Reply