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Unitech MD Sanjay Chandra, Brother Arrested for Duping Home Buyers

Sanjay Chandra, the Managing Director of real estate firm Unitech, has been arrested by the Economic Offices Wing of the Delhi Police.

CNN-News18

Updated:April 1, 2017, 3:55 PM IST
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New Delhi: Brothers Sanjay and Ajay Chandra, the Managing Directors of real estate firm Unitech, were arrested by the Economic Offices Wing of the Delhi Police late on Friday for allegedly not developing a project despite receiving funds from investors.

Both were sent to police custody till April 3 by a Delhi court.

"The accused, Ajay Chandra and Sanjya Chandra of Unitech, have been arrested for not developing a project, Anthea Floors, at Gurugram," a police officer said.

"Ninety-one people have invested Rs 35 crore in the project. The probe into the case is being monitored by a trial court," the officer said.

It is learnt that the investors had also approached the Delhi High Court in this regard.

Home buyers have also accused Unitech and its bosses of duping them after the real estate giant failed to hand over possession of houses in its Greater Noida project. The flats were to be handed over by April 2008 but the company allegedly failed to abide by its agreement.

Sanjay Chandra, along with Unitech Ltd Chairman Ramesh Chandra, Managing Director Ajay Chandra and Director Minoti Bahri had to spend a day in Tihar Jail in January last year. All 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.

(With agency inputs)

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