Unitech money laundering: 52 shell companies helped in the alleged fraud

Over 52 shell companies were created to help Unitech to launder money as per reports. Unnamed sources privy to an Enforcement Directorate (ED) investigation told ET that Unitech promoters controlled and managed shell companies and hired fradulent directors as well.

According to ET, the probe agency investigation has unearthed that directors were 'hired' for ₹10,000 to 20,000 per month and that they were only called to sign certain documents occasionally at different locations

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The Chandra brothers were arrested in April 2017 on charges of duping homebuyers in 74 projects. ED stepped in after a Supreme Court-mandated forensic audit of Unitech conducted in 2018 revealed that part of the ₹14,000 crore invested by nearly 30,000 homebuyers in 74 Unitech housing projects was laundered to offshore shell companies.

The Enforcement Directorate has filed a prosecution complaint against the founder of Unitech Group and others under the Prevention of Money Laundering Act.