A local New Delhi court on Thursday rejected bail application of Unitech Ltd.'s Managing Directors Sanjay Chandra and his brother Ajay Chandra and sent them to a 15 day judicial custody.
They were arrested last week on allegations that the real estate company did not develop a project in Gurugram despite receiving funds from customers.
The court had sent the Chandras into police custody on Monday which ended on Thursday.
The counsel for the Chandra brothers said during the hearing that they were cooperating with the investigation.
The Economic Offence Wing (EOW) of the Delhi Police arrested them after conducting investigation into a complaint lodged by home buyers of Unitech's Anthea Floors project in Gurugram, saying they did not receive their flats on time despite making payments.
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