Money laundering case: HC grants bail to Unitech founder

The Delhi High Court on Friday granted bail to Ramesh Chandra (88), founder of real estate firm Unitech, in a money laundering case.

Justice Jasmeet Singh pronounced the order, offering relief to Chandra after over three years of legal proceedings. The detailed order is yet to be released, but the decision marks a development in the long-standing case.

Chandra was arrested by the Enforcement Directorate (ED) in October 2021 on charges of money laundering. In 2022, he was granted interim bail on medical grounds, which was extended multiple times over the past two years.

The money laundering case against Chandra is rooted in multiple FIRs registered by the Economic Offences Wing of the Delhi Police.

The authorities have accused Chandra and other Unitech executives of misappropriating nearly Rs 5,826 crore from homebuyers, many of whom remain without housing.

On March 15, 2024, the High Court acknowledged the gravity of the allegations, stating, “The accused is involved in serious offences concerning the diversion of funds belonging to homebuyers, who stand duped and are shelterless.”

The court had previously emphasised that Unitech’s financial misconduct had significantly impacted thousands of investors.

The court’s decision to grant bail comes after prolonged legal scrutiny. Legal experts suggest that Chandra’s advanced age and health conditions played a crucial role in securing his release.

A legal representative for Chandra remarked, “Our client has cooperated with the investigation at every stage. The bail was granted considering his age and medical condition.”

Meanwhile, the ED has consistently opposed bail for Chandra, citing the scale of financial irregularities. An ED official, speaking on the condition of anonymity, said: “We respect the court’s decision but maintain that the case against Unitech executives remains strong. The affected homebuyers deserve justice.”