India

Patiala Court Grants Bail To Unitech’s former Promoters In Money Laundering Case

Former Unitech promoters Sanjay and Ajay Chandra secured bail from the Patiala House Court in a money laundering case. The court cited their prolonged incarceration of two and a half years without trial. Patiala court emphasized that further pre-trial detention should not be punitive.

A total of 71 individuals have been implicated in the case by the ED, with 121 witnesses. The court clarified that trial proceedings can continue even with the Chandras on bail. The Patiala court further said the purpose of pre-trial detention should not be punitive.

The co-accused, Preeti Chandra and Rajesh Malik, also obtained bail after 18 months in jail. The ED’s prosecution, under various sections of PMLA, targets 17 accused, including 14 companies and three individuals.

The Chandras were arrested by the ED for allegedly misappropriating funds from homebuyers. Despite the Supreme Court’s order to deposit Rs 750 crore, they failed to comply, leading to the denial of bail earlier. A forensic audit revealed Unitech collected Rs 14,270 crore from 29,800 homebuyers, with Rs 13,364 crore traced in bank statements, mainly between 2006 and 2014.

Shibra Arshad

Recent Posts

Centre Disburses Rs 1,162 Crore Under Telecom PLI Scheme

The Central government has disbursed ₹1,162 crore under the Telecom PLI Scheme till 31 March,…

8 hours ago

UAE Expands Visa-On-Arrival Policy For Indian Citizens To Boost Bilateral Ties

Under the revised rules, Indian passport holders with valid residence permits from Australia, Canada, Japan,…

10 hours ago

India’s Flavours, Culture & Heritage To Grace New York At ‘NMACC India Weekend’

India is all set to bring its essence of aroma, taste, and culture to the…

11 hours ago

Home Minister Amit Shah Rules Out Talks With Maoists Holding Weapons

Union Home Minister Amit Shah reaffirmed the Centre’s commitment to end Naxalism by 31 March…

11 hours ago

Gold, Silver Prices Fall Sharply This Week; Global Trends, Geopolitical Easing Behind Dip

There is some relief for buyers as gold and silver prices dropped notably this week.…

12 hours ago

Ethanol Blending Boosts Farmers’ Income, Saves Rs 1.36 Lakh Crore In Forex: Hardeep Puri

India’s ethanol blending programme has reduced the country's dependence on crude oil imports and increased…

13 hours ago