NEW DELHI — The Enforcement Directorate (ED) has submitted a second supplementary prosecution complaint (SPC) under the PMLA before the Special Court, expanding its investigation into alleged money laundering by Unitech Limited and its promoters. The fresh filing names Ramesh Chandra and several related firms, intensifying scrutiny on fund diversions and cross-border asset movements.
Complex Web of Diversion and Overseas Laundering
Originally registered in 2018, the ED’s probe traces financial irregularities in multiple CBI and Delhi Police FIRs concerning diverted homebuyer funds. With this SPC, ED has formally added Shivalik Ventures Pvt Ltd, Auram Asset Management Pvt Ltd, Unitech Build Tech Ltd, Unitech Golf Resorts Ltd, and Ranchero Services Ltd to the accused list.
Investigators allege that of ₹16,075.89 crore collected from buyers and financiers, around ₹7,794.35 crore was rerouted for non-sanctioned purposes through inflated share purchases, misuse of venture capital pools, and shell entities used for laundering across the UAE, Singapore, and Cayman Islands. The SPC outlines structured transactions through the Trikar Group and linked companies to mask the origin of diverted funds.
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Assets Attached, Cases Growing Stronger
To date, the ED has issued 21 provisional attachment orders, freezing crime proceeds worth ₹1,621.91 crore across 1,291 domestic and overseas assets. The total number of accused now stands at 105 individuals and entities, spanning across the original case and both supplementary chargesheets.
The latest complaint also names Unitech director Ramesh Chandra personally, reinforcing allegations of deep promoter involvement and deliberate fund mismanagement.