Police Custody Of Unitech’s Sanjay Chandra And Ajay Chandra Extended Till April 6
A local New Delhi court extended police custody of Unitech Ltd.'s Managing Directors Sanjay Chandra and his brother Ajay Chandra till April 6. They were earlier arrested on allegations that the real estate company did not develop a project in Gurugram despite receiving funds from customers.
The court had sent Sanjay and Ajay Chandra to police custody on Saturday which ended on Monday.
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.
The EOW informed the court that the Chandra brothers raised around Rs 360 crore from the customers and the banks for the project.
The investigation was initiated on charges of cheating, criminal conspiracy and other offences.
The EOW said the construction started without necessary licences, adding that the two escrow accounts for this project allegedly have a total of only around Rs 10.5 lakh. The police said they are investigating where the amount received from the banks and the customers went.
Unitech said in a statement that the arrest is “due to the reasons beyond control of the company and recession in the real estate sector, and there is no fraud committed with any investor”.
“...During investigation, the company and its officials have fully co-operated with the authorities, and whenever asked, explained and provided all the supporting documents,” the statement added.
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