News: Properties linked to Unitech money laundering being dissipated, says ED-04-01-2022
ED has recorded the statement of Yogesh Gupta, a consultants of the Kore/Trikar Group, and also a close confidant of the Chandras of Unitech. According to the agency, the Trikar/Kore Group is "beneficially owned" and controlled by the Chandra family, especially Sanjay Chandra and his wife, Preeti Chandra.
An Enforcement Directorate (ED) investigation has revealed that properties involved in the money-laundering case against the promoters of Unitech are being “actively dissipated” by those who have benefitted from the alleged crime, people aware of the matter said.
The agency claims to have “intelligence inputs” which suggest that there is an attempt to sell the assets by individuals who are alleged to be involved in money laundering and benefitted — directly or indirectly — from the activity
The ED has recorded the statement of Yogesh Gupta, one of the consultants of the Kore/Trikar Group, and also a close confidant of the Chandras of Unitech. According to the agency, the Trikar/Kore Group is “beneficially owned” and controlled by the Chandra family, especially Sanjay Chandra and his wife, Preeti Chandra.
According to the agency, Gupta’s examination has revealed that Sanjay Chandra’s father, Ramesh Chandra, had in January 2021 sought his assistance in selling a property maintained in an alleged benami/shell company called Sky Events Management Pvt Ltd. The property has since been sold.
Gupta has further allegedly claimed that he knew Sanjay Chandra and his brother, Ajay, since 2014 and that he attended the launch party of the Trikar/Kore Group in 2017 at a Gurgaon hotel. The brothers are currently in jail.
Gupta also claims to have met Sanjay and Ajay Chandra in Tihar jail on many occasions between 2017 and 2019 when they discussed the issues relating to the Trikar/Kore Group. Gupta claims to have joined the Trikar group in 2019 as a consultant on the recommendation of Sanjay Chandra.
With regard to parking of alleged proceeds of crime by the promoters of the Unitech group, the agency claims that there is a very strong likelihood that the diverted funds of Unitech Ltd which were routed to Unitech International Reality Fund, the Cayman Islands, were further layered and laundered to the accounts of Trikar Asset Management Fund, also based in the Cayman Islands, as well as into the accounts of Singapore-based entities of the Trikar Group.
The funds from the Cayman Islands and the Singapore-based entities of the Trikar group were routed to India for the benefits of the Chandra family of Unitech Ltd, especially Sanjay Chandra, said people quoted above.
The people added that it was highly likely that funds diverted to the Cayman Islands were brought back to India through Singapore after extensive layering with the use of offshore entities (incorporated and managed in tax havens)
The companies of the Trikar/Kore Group are used as a façade/benami structure to hold the properties purchased with the use of funds of homebuyers in Unitech projects, they added.
The word “Trikar” is a combination of two words: ‘Tri’ and ‘Kar’. Tri is derived from the name of Sanjay Chandra’s daughter, Trisha, and Kar is from his son’s name, Karan, the ED claimed in the probe report on the basis of disclosures made by the confidants of the Chandras
ET earlier this month reported that more than 52 shell companies were incorporated, controlled and managed by the promoters of the Unitech group through their confidants including employees for the generation, layering and laundering of alleged proceeds of crime.
