Delhi court grants bail to Unitech ex-promoter Sanjay Chandra in ED case

A Delhi court on Friday  granted bail to Sanjay Chandra former promoters of realty major Unitech, in a case in which they have been accused of swindling home buyers.

Chandra had been in ED custody since 2017. He will walk out from Mumbai Arthur road jail after ten years.

Sessions Judge Dheeraj Mor granted Chandra bail on furnishing two sureties of Rs 1 lakh each and with a condition that he can't leave the country.

Chandra was arrested by ED in cases relating to homebuyers complaints. 

Chandra brothers are currently lodged in two separate jails in Mumbai on the apex court's direction.

Advocates Neeha Nagpal and Malak Bhatt appeared for Sanjay Chandra and argued  that despite being in custody large number of units were delivered by Chandra between 2017 and 2020.  

Neeha Nagpal also contended that approximately 850 crores was deposited in Supreme Court out of which large sums were returned to homebuyers.

In 2021, the ED filed a criminal case under the Prevention of Money Laundering Act (PMLA) against the Unitech Group and its promoters over allegations that the owners illegally diverted over Rs 2,000 crore to tax havens Cyprus and Cayman Islands.