New Delhi: The Enforcement Directorate (ED) has provisionally attached properties worth Rs 634.12 crore linked to the Unitech Golf & Country Club (UGCC) project in Noida under the provisions of the Prevention of Money Laundering Act (PMLA), an official statement said on Friday.
The attachment order was issued on Wednesday, May 27, by the ED’s Headquarters Investigation Unit (HIU), and it pertains to the UGCC project spread across Sectors 96, 97 and 98 in Noida.
According to ED, the assets were identified as “proceeds of crime” allegedly generated through the diversion of funds collected from homebuyers and financial institutions.
The attached assets include leasehold rights over around 347.83 acres of land as well as equity shareholdings held through consortium and Special Purpose Company (SPC) structures involving M/s Sungrace Products (India) Pvt Ltd of the Uflex Group and M/s CIG Infrastructure Pvt Ltd.
The ED said the current fair market value of the attached assets linked to the UGCC project is estimated at around Rs 8,115 crore.
The money laundering probe is based on 76 FIRs registered by Delhi Police and the CBI against Unitech Limited, its promoters, directors and others under various sections of the IPC and the Prevention of Corruption Act on charges including cheating, criminal conspiracy and diversion of homebuyers’ funds.
According to ED, the investigation revealed that Unitech had received Rs 16,075.89 crore from homebuyers, investors and financial institutions, of which nearly Rs 7,794.35 crore was allegedly diverted for non-mandated purposes.
The agency further alleged that M/s Sungrace Products (India) Pvt Ltd and M/s CIG Infrastructure Pvt Ltd derived and continued to retain substantial economic interests in the UGCC project without making corresponding financial contributions towards the acquisition or development of the project.
So far, the ED has attached 1,296 movable and immovable properties worth Rs 2,281.07 crore in the broader Unitech case.
The agency said one main charge sheet (prosecution complaint) and two supplementary charge sheets have already been filed before the Special PMLA Court in Delhi, while further investigation is underway.
The ED said it remains committed to securing and restituting proceeds of crime to innocent victims and lawful claimants in a transparent and expeditious manner.
(IANS)
