ED attaches over Rs 634 crore linked to Unitech Golf & Country Club, cites diversion of homebuyers’ funds
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India's Enforcement Directorate has provisionally attached assets worth over Rs 634 crore linked to the Unitech Golf & Country Club (UGCC) project, alleging a sophisticated scheme of homebuyers' funds diversion. This latest action under the Prevention of Money Laundering Act (PMLA) targets properties and interests held by Sungrace Products (India) Pvt. Ltd. and CIG Infrastructure Pvt. Ltd., two entities the ED claims derived significant economic interest in the UGCC project without commensurate financial contributions. This move escalates the multi-year Unitech money laundering investigation, which has seen cumulative attachments now exceeding thousands of crores. The probe centers on how funds collected from thousands of homebuyers for various projects, including UGCC, were allegedly siphoned off, leaving projects stalled and investors stranded. The Supreme Court of India has been actively overseeing the Unitech resolution process, appointing a new board to manage the embattled developer amidst allegations of widespread corporate governance failures and fund misappropriation. The ED ongoing efforts underscore the aggressive push for asset recovery aimed at providing recourse for defrauded homebuyers. Further investigations are anticipated to trace additional layers of the alleged money laundering network, potentially leading to more attachments and prosecution. The action sends a clear signal to developers regarding accountability and transparency in the nation's often-beleaguered real estate sector.