Unitech MD Sanjay Chandra arrested for allegedly duping investors

Unitech MD Sanjay Chandra arrested for allegedly duping investors

Home buyers of Unitech’s housing projects in Noida and Gurugram had approached the National Consumer Disputes Redressal Commission after the builder had failed to give them possession of their flats as the per schedule.



Delhi Police's Economic Offences Wing has arrested the Managing Director of Unitech and another person for allegedly not developing a project despite receiving funds from investors, police said.

"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.

The two brothers will be presented before a Delhi court for remand proceedings on April 1.

"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 added.

Home buyers of Unitech’s housing projects in Noida and Gurugram had approached the National Consumer Disputes Redressal Commission (NCDRC) after the builder had failed to give them possession of their flats as the per schedule. The company had promised to hand over the possession of flats in 2012, but failed to meet the deadline.

The consumer forum had asked the company refund the money to the home buyers with interest.

On January 12, 2017, the Supreme Court directed that Rs 2 crore deposited by real estate major Unitech Resorts Ltd. with its registry be distributed among 39 home buyers who have sought refund of their amount for delay in handing over the possession of flats in the Vista housing project in Gurugram.

Slapping a penalty on Unitech Resorts for delaying handing over of flats, the apex court on February 20, 2017, directed it to deposit 14 percent interest on the Rs 16.55 crore invested by 39 home buyers with it.

Sanjay Chandra is also on the list of wilful defaulters that includes 'king of good times' Vijay Mallya.