Noida: In a significant development in the long-running Unitech case, the Enforcement Directorate (ED) has provisionally attached assets linked to the Unitech Golf & Country Club (UGCC) project located in Noida’s Sectors 96, 97 and 98. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, its Headquarters Investigation Unit (HIU), New Delhi, issued a Provisional Attachment Order (PAO) and attached assets worth ₹634.12 crore, which are alleged to be proceeds of crime generated through the diversion of funds collected from homebuyers and financial institutions.
Investigation based on multiple FIRs
The agency stated that the investigation was initiated on the basis of 76 FIRs registered by the Delhi Police and the CBI against Unitech Limited, its promoters, directors and other associated individuals. The cases involve allegations of cheating, criminal conspiracy and misuse of funds collected from homebuyers.
Land rights and shareholdings under attachment
The attached assets include leasehold rights over approximately 347.83 acres of land in the UGCC project. The attachment also covers equity shareholdings held through a special purpose structure and consortium arrangements.
Among the entities whose interests have come under the ED’s scrutiny are Sungrace Products (India) Private Limited (UFlex Group) and CIG Infrastructure Private Limited.
Current market value estimated at ₹8,115 Crore
While the provisional attachment value stands at ₹634.12 crore, the ED said the current market value of the attached UGCC project assets is estimated at around ₹8,115 crore.
The agency’s investigation revealed that Unitech Limited received ₹16,075.89 crore from homebuyers, investors and financial institutions. Of this amount, approximately ₹7,794.35 crore was allegedly diverted for purposes unrelated to the approved projects.
Companies allegedly benefited without adequate contribution
According to the ED, Sungrace Products (India) Private Limited and CIG Infrastructure Private Limited allegedly acquired and retained economic interests in the UGCC project without making adequate financial contributions.
The findings form part of the agency’s broader investigation into the alleged diversion of funds and financial irregularities linked to the project.
Over 1,200 properties attached so far
The ED further disclosed that, in the overall Unitech money laundering investigation, it has so far attached 1,296 movable and immovable properties with a cumulative value of ₹2,281.07 crore.
Additionally, one main prosecution complaint and two supplementary prosecution complaints have already been filed before the Special PMLA Court in Delhi.
Investigation continues
The Enforcement Directorate said further investigation in the matter is ongoing. The agency reiterated its commitment to ensuring a transparent process and facilitating justice for victims of financial crimes, including affected homebuyers and other legitimate claimants.
Key Highlights
- ED provisionally attaches UGCC project assets worth ₹634.12 crore.
- Action taken under the PMLA, 2002.
- Assets located in Noida Sectors 96, 97 and 98.
- Attached properties include 347.83 acres of leasehold land rights.
- Current market value of attached assets estimated at ₹8,115 crore.
- ED alleges diversion of ₹7,794.35 crore from funds received by Unitech.
- Total of 1,296 properties worth ₹2,281.07 crore attached in the broader Unitech case.
- Further investigation is underway.
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