Unitech MD Sanjay Chandra and brother arrested

Unitech MD Sanjay Chandra and brother arrested

New Delhi, April 01: Managing Director of real estate firm Unitech Sanjay Chandra and his brother Ajay Chandra were arrested by the Economic Offices Wing of the Delhi Police on early Saturday.
Sanjay Chandra and his brother are scheduled to be produced in court after 2 pm on today.
The buyers of their housing project in Greater Noida have accused Unitech and its bosses of duping them after the real estate giant failed to hand over the said property on time.

As per the agreement, flats were to be handed over by April 2008 but the company allegedly failed to abide by its agreement.

The investors alleged that Unitech builders had not completed the project on time and also did not refund their money along with an interest.
Sanjay Chandra, along with Unitech Ltd Chairman Ramesh Chandra, Managing Director Ajay Chandra and Director Minoti Bahri had to spend a day in Delhi’s Tihar Jail on January 2016.

All the four had been sent to judicial custody on January 11, 2016, and succeeded in getting interim bail for three days, but failed to get a release warrant on time.

Back then a case was filed against Unitech Ltd chairman Ramesh Chandra, managing directors Sanjay Chandra and Ajay Chandra and director Minoti Bahri by chartered accountant Sanjay Kalra and his business partner Devesh Wadhwa.

Sanjay Kalra and Devesh Wadhwa had booked a property in Habitat Apartments in Greater Noida developed by Unitech Real Estates. The project was delayed but the company had alleged refused to refund the amount, as promised with 11 per cent per annum interest.

There are also allegations that Chandra fraudulently took the money of his clients and used a shell company to launder it abroad.