Delhi court grants interim bail to Unitech promoters

A local court on Monday granted interim bail to real estate company Unitech`s Managing Directors Sanjay Chandra and Ajay Chandra for three months.

The Economic Offences Wing had booked Sanjay and Ajay Chandra for allegedly cheating buyers and siphoning off clients` money.

Additional Sessions Judge Raj Kapoor granted three months` interim bail to the Chandra brothers asking them to furnish a bond of Rs 70 lakh each.

The court has directed them to submit their passport to the investigating agency and not to leave the country without prior permission.

On April 6, Additional Chief Metropolitan Magistrate Ashu Garg, rejecting the bail plea of the Chandras, had remanded them to judicial custody till April 20.

They were booked for cheating buyers as Unitech first failed to complete a real estate project in Gurugram`s Sector 70 on time and then did not refund the money to buyers.

They were arrested from their residence in Gurugram on April 1 by the Economic Offences Wing of Delhi Police and a court here had sent them to two-day police custody the same day.

There are 90 complaints against the brothers in connection with the project. It was started in 2011 without getting environment clearance. Unitech obtained environment clearance in September 2013.

Even though it did not have environment clearance, the accused continued booking the flats without giving the real picture to investors and thus misrepresented facts to the investors.

The project was to be completed by 2014.

The accused were booked on charges of criminal breach of trust, cheating and criminal conspiracy.

The police on Saturday told the court that Unitech had collected Rs 363 crore from 557 customers for Anthea Floors residential project.

In 2015 also, the court had issued a non-bailable warrant against them in a misappropriation of funds case, though it was cancelled later.

Sanjay Chandra is also facing trial in the 2G spectrum allocation case and currently he is out on bail in that matter.