The duo was arrested on charges of non-development of their project Anthea Floors at Gurugram. In all, 91 persons had invested Rs 35 crore in the project.
Sanjay Chandra, managing director of one of India's largest real estate firm Unitech, along with his brother Ajay Chandra, were arrested by the Economic Offences Wing (EOW) of the Delhi Police on Saturday. The duo was arrested on charges of non-development of their project Anthea Floors at Gurugram. In all, 91 persons had invested Rs 35 crore in the project.
A case was registered on July 31 on the directions of the court. The complainant in the case Arun Bedi and his mother Urmila Bedi alleged that they were persuaded by the builder company Unitech to book a flat. Later, the family booked a flat under the project by the name of 'Wild Flowers Country' in Gurugram for floors by the name of Anthea Floors for which they even paid around Rs 57 lakh. Even though they kept paying the instalments they were not handed over the possession of the flat.
"They alleged that both the builder company and PNB housing in connivance had cheated the public. Later on, around 90 more persons came up with similar complaints regarding the same project and hence their complaints were added to the FIR as well," said a police officer.
"The EOW had registered the FIR under Section 406, 409 (breach of trust) 420 (cheating) 120 b (concealing criminal offence) of the Indian Penal Code (IPC) for non-development of Unitech's project Anthea Floors located in Gurugram. The investigation of this case is being monitored by the trial court. The investors had also approached the Delhi high court in this matter," said a senior police officer.
Metropolitan Magistrate Ashu Garg has sent both the accused to two-day police custody after the Delhi Police stated that their custody was necessary to ascertain the money trail, beneficiaries of the transactions and recovery of project related documents. The investigating agency also revealed that the arrested accused were not cooperating with the investigators.
The counsel for the accused, however, opposed the remand plea, saying the police had already searched the premises of the accused and they could not be forced to give any incriminating evidence against them. He urged the court to send the accused to judicial custody, saying the arrest was not required. The counsel claimed that police was submitting different facts regarding the ongoing probe before the trial court and the high court.
Meanwhile, the probe agency revealed that Unitech had collected an amount of approximately Rs 363 crore from this project. First, a loan of Rs 160 crore from HDFC bank. Then Rs 203 crore was collected from 557 customers. FIR reads that only, "Rs 94 crore has been utilised by the developer from the money/funds received by Unitech from all customers/financial institutions/banks for the alleged project."
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