Unitech promoter’s wife gets bail in money laundering case

New Delhi, June 14

The Delhi High Court on Wednesday granted bail to Preeti Chandra, Unitech promoter Sanjay Chandra’s wife, in a money laundering case. Justice Jasmeet Singh, however, said the order would not take effect till June 16, after the Enforcement Directorate sought time to challenge the order.

“Bail application is allowed. Mr (Zoheb) Hossain appearing for ED states that the order pronounced today may not be given effect to upto Friday. At this request, the order be not given effect till June 16,” the judge ordered.

The ED had registered the present case in 2018 under various sections of the Prevention of Money Laundering Act against the Unitech Group and its promoters over allegations that the owners Sanjay Chandra and Ajay Chandra illegally diverted over Rs 2,000 crore to Cyprus and the Cayman Islands.

Preeti Chandra had filed the bail plea before the court last year, saying she was a fashion designer and philanthropist, who has been in custody since October 4, 2021 and there were no proceeds of crime relatable to her.

The money laundering case arose from a number of Delhi Police and CBI FIRs filed by home buyers against the Unitech Group and its promoters. A chargesheet has already been filed before the trial court. It is alleged that funds collected from home buyers for housing projects were not utilised for their intended purpose, and that the buyers were cheated and the accused committed the offence of money laundering.

The allegation against Preeti Chandra, as per the prosecution, is that she received the proceeds of crime totalling Rs 107 crore in her company Prakausli Investments Pvt. Ltd. but did not disclose how the money was used. On November 7, 2022, the trial court had refused to grant her bail citing the “enormity of the transactions and seriousness of the allegations”. PTI

No link, she says

Preeti Chandra had filed the bail plea last year, saying she was a fashion designer and philanthropist, and there were no proceeds of crime relatable to her.