ED Case: Delhi High Court Grants Bail To Unitech’s Ramesh Chandra

In a significant development, the Delhi High Court on Friday granted bail to Ramesh Chandra, the 88-year-old founder of real estate firm Unitech, in a money laundering case.

Justice Jasmeet Singh delivered the order, providing Chandra relief after a prolonged legal battle. The detailed order is expected to be released soon.

Case Background

Ramesh Chandra, along with other Unitech executives, was arrested by the Enforcement Directorate (ED) in October 2021, under the charges of money laundering. The case centers on the alleged diversion of large sums of money from home buyers, who were left in a precarious situation, having paid for homes that were never built.

Bail On Medical Grounds

In 2022, Chandra was granted interim bail on medical grounds by the Delhi High Court. This bail was extended periodically, recognizing his health concerns and age. Given that Chandra is 88 years old, the court has been particularly sensitive to his medical condition throughout the legal proceedings.

Allegations & Serious Charges

The high court’s ruling on March 15, 2024, highlighted the gravity of the accusations against Chandra. The court noted that Chandra, as one of the directors of Unitech Limited, was allegedly involved in diverting funds amounting to approximately ₹5,826 crore. These funds belonged to home buyers who had been defrauded by the company and left without homes.

The case emerged from multiple FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police. The FIRs include a range of serious allegations, including cheating, criminal conspiracy, and corrupt practices. These charges suggest that Chandra and others associated with Unitech took undue advantage of their position, allegedly influencing public servants and bribing them to facilitate the diversion of funds.

Legal & Social Implications

The case has had widespread repercussions, with thousands of home buyers suffering from the alleged fraudulent activities of Unitech. The bail granted to Ramesh Chandra marks a pivotal moment in the ongoing legal battle, but the charges against him and the other accused remain severe. The outcome of this case is expected to have significant social and legal consequences for the real estate sector, particularly in regard to the protection of home buyers and the accountability of developers.

In conclusion, while Ramesh Chandra’s bail marks a temporary relief, the legal and financial challenges surrounding the Unitech case continue. The final verdict and the implications of these ongoing investigations will undoubtedly shape future cases in the real estate and financial sectors.