A Delhi court grants bail to former Unitech founders in the EOW case

A Delhi court grants bail to former Unitech founders in the EOW case

A Delhi court grants bail to former Unitech founders in the EOW case

Both, nevertheless, will be incarcerated as they are charged with money laundering.

The Chandra brothers' legal fight started in 2017 when they were taken into custody in connection with a First Information Report about the Unitech project in Gurugram. The Sanjay Chandra of Unitech (Source of file image: Reuters)

On January 27, a Delhi court granted bail to Ajay and Sanjay Chandra, the erstwhile proprietors of the real estate firm Unitech, for offences brought against them by the Delhi Police's Economic Offenses Wing (EOW). This was a noteworthy step.

Extra Meetings The Chandra brothers, who had been the subject of a formal complaint for fraud, criminal breach of trust, and criminal conspiracy by the Delhi Police's Economic Offenses Wing (EOW), had their bail requests heard by Judge Navjit Budhiraja.

Both will stay behind bars, however, as they are charged with money laundering.

The lengthy sentence of more than six years in prison, the documentary nature of the evidence, the lack of any reports of molestation, and the fact that the brothers had already been found guilty in all but one case involving prevention were among the many factors that went into the court's decision. He's out on bond. The Money Laundering Act (PMLA).

Sanjay and Ajay Chandra were detained by Delhi Police's Economic Offenses Wing (EOW) in 2017 for failing to proceed with a project even after obtaining funding from investors.

The intricacy of the case—more than 240 witnesses have been listed for trial—and the likelihood of a protracted trial were among the factors the court considered when deciding to grant bail. The Chandra brothers have not tampered with the evidence, the court further said.

The bail requirements include that each applicant must, to the satisfaction of the Ld. Chief Metropolitan Magistrate (CMM)/Duty Magistrate, provide a surety bond in the amount of Rs 5,00,000 with two sureties of equivalent amount. Furthermore, they cannot leave the nation without the jurisdictional court's previous approval.

The Chandra brothers will need to keep their mobile location app open and promptly update any changes, as well as provide the investigating officer and the court with their residence addresses and cell phone numbers. He is not permitted to tamper with evidence or make inducements, threats, or promises to those who are acquainted with the case, according to the court. They must to routinely attend court appearances and refrain from requesting needless postponements.

During their court appearance, Sanjay and Ajay Chandra emphasized that they had been imprisoned without end for over six years, explained their positions at Unitech Ltd., and said that neither the company's documents nor its decision-making process could be accessed. They are no longer influential. January 2020: Replaced by Directors Nominated.

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The Chandra brothers' legal fight started in 2017 when they were taken into custody in connection with a First Information Report about the Unitech project in Gurugram. Afterwards, the Chandra brothers' position in Unitech was essentially terminated when the Supreme Court appointed government appointees to the company's board of directors.

In 2018, Sameer Paranjape, Partner, Forensic and Investigation Services at M/s Grant Thornton India, was ordered by the supreme court to conduct a forensic audit of Unitech Limited and its affiliated firms and subsidiaries.

According to the report that the forensic auditors provided, Unitech Ltd was paid around Rs 14,270 crore by 29,800 house purchasers and approximately Rs 1,805 crore by six financial institutions for the building of 74 projects between 2006 and 2014.

According to the audit, house purchasers were given money totaling around Rs. 5,063 crore and Rs. 763 crore. Between 2007 and 2010, the corporation made high-value investments in offshore tax haven nations without using financial institutions. went.

The Supreme Court permitted the former Unitech promoters to request regular bail from the appropriate district court in November 2023.

upperAdditionally, the court granted permission for the new Unitech Ltd. management to start construction by awarding 49 contracts in accordance with retired SC judge AM Sapre's recommendations.

The Chief Metropolitan Magistrate (CMM) of Patiala House Court had granted him bail, but the ruling had been overturned by the supreme court in March 2021. It had instructed them both to turn themselves up to the Tihar Jail officials.

The Chandra brothers are now being held in two distinct Mumbai prisons under the orders of the Supreme Court.