Delhi High Court Grants Bail to Unitech Founder Ramesh Chandra in Money Laundering Case
New Delhi: The Delhi High Court has granted bail to Unitech founder Ramesh Chandra in a money laundering case, considering the complexity and prolonged nature of the trial.
A Case Dragging On With No End in Sight
Justice Jasmeet Singh, who presided over the case, noted that with 17 accused, 66 companies, 121 witnesses, and over 77,000 pages of documents, the trial is unlikely to conclude anytime soon. Given these circumstances, the court decided to grant Chandra bail.
Bail Conditions and Court Orders
The Delhi HC set strict conditions for Chandra’s release:
He must submit a personal bond of ₹1 lakh as surety.
He cannot leave the country and must surrender his passport to the trial court.
He must keep his mobile number active and inform authorities of any changes in contact details or address.
He is strictly prohibited from contacting or influencing witnesses or tampering with evidence.
Background of the Case
Ramesh Chandra, along with his daughter-in-law Preeti Chandra and real estate promoter Rajesh Malik, was arrested by the Enforcement Directorate (ED) in October 2021 under the Prevention of Money Laundering Act (PMLA). The investigation was based on multiple FIRs filed by homebuyers against Unitech Group for financial fraud.
The ED uncovered that ₹347.95 crore was allegedly funneled into the Carnoustie Group, which then purchased multiple properties in India and abroad. The total amount of laundered money in the case is estimated at ₹7,638.43 crore.
Health Considerations and Previous Bail Grants
Ramesh Chandra, now in his 80s and reportedly in poor health, was first granted interim bail in July 2022, which was repeatedly extended due to his medical condition. The latest court decision provides him bail under strict legal monitoring, ensuring he remains available for the trial while avoiding undue hardship due to age and health issues.
With investigations still ongoing, authorities remain committed to unraveling the full extent of financial irregularities linked to Unitech.
News Source : Information for this article was gathered from a variety of reliable news outlets.
