Unitech MD Sanjay Chandra, brother Ajay arrested for money laundering

(Editor's note: The brother who was arrested along with Sanjay Chandra was Ajay, not Naresh. This article has been corrected.)

Sanjay Chandra, promoter and managing director of real estate firm, Unitech, and his brother Ajay were arrested late last night by the economic offences wing of the Delhi police, according to media reports.

Chandra and his brother are scheduled to be produced in court today post 2 pm, News18 reported.

Sanjay Chandra. Reuters

Sanjay Chandra. Reuters

The arrest relates to money laundering, cheating buyers who had booked flats in Chandra's Greater Noida real estate project, non-completion of project and non-refund of money with interest, media reports said.

The TOI said, quoting police, 91 people had invested Rs 35 crores in the project. However, none of them got the flats they had booked. Chandra and his brother were to hand over the flats in the Greater Noida real estate project to buyers in 2008 but did not adhere to the agreement, News18 reported.

The brothers have also been charged under money laundering. According to ANI, Chandra allegedly took money fraudulently from his customers and parked it in a shell company abroad.

In January 2016, Chandra, along with top officials of Unitech including Ramesh Chandra, Chairman, Ajay Chandra, Managing Director and Minoti Bahri, Director were arrested and were lodged in Tihar Jail for a day. They were sent to judicial custody on January 11, 2016 but managed to get interim bail for three days. However, they failed to get a release warrant on time.

Chandra was arrested in 2011 by the Central Bureau of Investigation in the 2G case, media reports said.

Published Date: Apr 01, 2017 11:51 AM | Updated Date: Apr 06, 2017 12:45 PM

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