Unitech raised 600 crore via illegal fixed deposits: Report

Most people lost their money, some their lives' savings by investing in the Unitech scheme.

New Delhi: Real estate company Unitech had  raised Rs 600 crore from some 55,000 people via illegal fixed deposits, a news paper report said on Friday.

In 2012 Unitech launched an FD scheme promising 12 percent return, a Times of India report said. “Most have lost their money, some their lives' savings by investing in this scheme,” TOI said

A Delhi court this week granted a three-month interim bail to Unitech Ltd promoters Ajay Chandra and Sanjay Chandra arrested in a fraud case relating to a Gurugram-based real estate project.

Additional Sessions Judge Raj Kapoor granted the relief to the Chandras on a personal bond of Rs 70 lakh each and one surety of like amount.

The court also asked them to appear before the Supreme Court which is hearing various project-related matters involving Unitech and has already summoned the accused.

It, meanwhile, imposed various conditions on both the accused including asking them not to leave the country without court's permission and not to hamper with the ongoing probe.

The court had on April 6 denied bail to the Chandras after Delhi Police submitted that the accused may tamper with the evidence and influence the probe.