ED attaches ₹81.10-crore assets in Unitech Group case

The Enforcement Directorate has attached assets worth ₹81.10 crore, including a helicopter, in connection with the money laundering probe against the Unitech Group and others.

The attached properties include 101 land parcels located in Santacruz in Mumbai owned by the Shivalik Group. The helicopter is owned by King Rotors Air Charters Private Limited, an associate company of the Shivalik Group, said the agency.

The ED alleges that the Unitech Group diverted proceeds of the crime, to the tune of ₹574 crore, to the Shivalik Group and, in turn, the entities of the Shivalik Group bought the land parcels and the helicopter.

On March 4, the ED carried out searches at 35 locations on the premises of the Shivalik Group, Trikar Group, Unitech Group and the Carnoustie Group in the national capital region and Mumbai, which led to seizure of documents pertaining to suspect transactions.

The agency had earlier attached immovable properties worth ₹349.82 crore of the Trikar Group and the Carnoustie Group. They included two resorts in Gangtok (Sikkim) and Alappuza (Kerala), office premises and land parcels.

According to the ED, the accused persons had diverted more than ₹2,000 crore to Cyprus and Cayman Islands. A portion of the diverted funds was brought back to buy land parcels in Gurugram via Crown Infra Projects Private Limited, Kore Communities India Private Limited and Joshu Gurgaon SEZ Private Limited.

The money was transferred through Singapore-based Joshu Pte. Limited, Trikar Residential Developers Pte. Limited and Trikar Property Opportunity Pte. Limited between 2015 and 2020.

The funds were sent to the Singapore-based entities from Trikar Fund Limited (SPC) in Cayman Islands, which is allegedly controlled by the promoters via Cayman-based Trikar Asset Management Limited SPC.

The money laundering probe is based on several FIRs registered by the Delhi Police.

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Printable version | Jul 25, 2021 4:17:04 PM |

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