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Unitech MD Sanjay Chandra, brother arrested by Delhi police

LiveMint logoLiveMint 01-04-2017 Shaswati Das

New Delhi: The Delhi Police’s Economic Offences Wing, on Saturday, arrested Unitech group’s managing director Sanjay Chandra and his brother Ajay Chandra for alleged cases of money laundering, senior Delhi police officials confirmed on anonymity.

The brothers have been accused of duping buyers who had booked flats with Unitech’s residential project in Greater Noida. The buyers alleged that Unitech failed to complete the project on time and also did not refund the money along with the interest.

In August, the Supreme Court had instructed Unitech to deposit Rs5 crore for delaying the completion of its residential project Burgundy, along the Noida-Greater Noida Expressway. Likewise, in January, the SC also ordered the group to pay Rs2 crore to 39 flat buyers of its Vista housing project in Gurugram, after the buyers had filed a plea with the apex court against the group.

Senior Delhi police officials, on condition of anonymity, stated that Sanjay Chandra had allegedly taken money from the buyers and invested it in another shell company, without making good on their promise of delivering the fats to the buyers in their residential projects in Greater Noida.

Unitech declined to comment.

The Chandras will be presented in Delhi’s Patiala House Court on Saturday afternoon, as part of the preliminary investigation process.

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