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Cbi Registers Case Against Unitech MD In Canara Bank Fraud Case, Searches At Many Places

Unitech MD Sanjay Chandra was released from Tihar Jail on Friday after 43 months after interim bail from the Delhi High Court at the Medical Ground. According to CBI officials, after this, a search operation was carried out in many of their premises.

The Central Bureau of Investigation (CBI) has again registered a case against Unitech MD Sanjay Chandra, his father Ramesh and brother Ajay in the alleged forgery of about Rs 198 crore from Canara Bank. After registering a fresh case, the CBI searched several locations of the accused.

Sanjay Chandra was released from Tihar Jail on Friday after 43 months after the interim bail from the Delhi High Court at the Medical Ground. According to CBI officials, after this, a search operation was carried out in many of their premises.

Several agencies including Delhi Police, CBI, ED are investigating against Unitech. Significantly, Chandra was also accused in the 2G spectrum case, but the trial court acquitted him in this case.

What is the matter

Canara Bank has alleged that the company obtained loans based on Chandra’s personal and corporate guarantees, but later the company started defaulting due to the slowdown in the real estate market.

The company has been taken over by the Philhar government and the Supreme Court had ordered a forensic audit of the company’s books. This audit showed that the company has done the diversion and misappropriation of the fund.

Misappropriation of funds

According to the FIR, Canara Bank has alleged that out of the total amount of Rs 1,4270 crore raised from 29,800 house buyers, about Rs 5063.05 crore was not used by the company in construction works. Similarly, out of the amount of Rs 1806 crore received from six financial institutions, the company did not use Rs 763 crore for the project.

The audit also reveals that the company invested Rs 1,745 crore from Cyprus, a country called tax haven, between 2007 and 2010.

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