High Court Grants Bail To Unitech Founder Ramesh Chandra In Money Laundering Case

The Delhi High Court on Friday granted bail to Unitech founder Ramesh Chandra in connection with a money laundering case.

A bench of Justice Jasmeet Singh took note of the fact that the trial is yet to begin and there is no likelihood of the trial to be concluded in the near future.

"There are 17 accused persons, 66 companies, 121 witnesses and 77,812 pages of documents plus enormous digital data which needs to be analysed in the present case. Thus, there is no likelihood of the trial to be concluded in the near future," the bench said.

Allowing the bail plea, the Delhi HC asked Ramesh Chandra to furnish a personal bond with a surety in the sum of Rs. 1 lakh to the satisfaction of the trial court.

It also said: "The petitioner (Ramesh Chandra) shall appear before the court as and when the matter is taken up for hearing unless exempted from personal appearance. (T)he petitioner shall not indulge in any criminal activity during the bail period."

The Justice Singh-led Bench asked Ramesh Chandra to provide, to the Investigating Officer (IO) concerned at the time of release, his mobile number, which shall be kept in working condition at all times, and asked him to not switch off or change the same without prior intimation to the IO concerned.

"In case the petitioner changes his address, he will inform the IO concerned and this Court also. The petitioner shall not leave the country during the bail period and surrender his passport at the time of release before the trial court," it added.

Further, the Delhi High Court asked Ramesh Chandra to not communicate with or intimidate or influence any of the prosecution witnesses or tamper with the evidence of the case.

In October 2021, the Enforcement Directorate (ED) had arrested Ramesh Chandra, his daughter-in-law Preeti Chandra, and real estate promoter Rajesh Malik as it probed Unitech Group under the Prevention of Money Laundering Act (PMLA).

Ramesh Chandra, an octogenarian and reportedly in poor health, was granted interim bail by the Delhi High Court in July 2022, and this was extended several times due to his medical condition.

The ED initiated a money laundering investigation on the basis of various FIRs registered by the Delhi Police and the CBI, based on complaints by homebuyers against Unitech Group, its promoters and others.

During the probe, the ED revealed that Unitech Group had diverted the proceeds of crime to the tune of Rs 347.95 crore to Carnoustie Group and in turn, the entities of Carnoustie Group purchased several immovable properties in India and abroad from these proceeds of crime.

As per the federal anti-money laundering agency, the total proceeds of crime detected in the case is Rs 7,638.43 crore.

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