The Enforcement Directorate (ED) has provisionally attached properties worth Rs 634.12 crore associated with the Unitech Golf & Country Club (UGCC) project in Noida under the Prevention of Money Laundering Act (PMLA). The attachment order, issued on May 27 by the ED’s Headquarters Investigation Unit (HIU), relates to the UGCC project spanning Sectors 96, 97, and 98 in Noida.
The ED identified these assets as “proceeds of crime” believed to be generated through the diversion of funds collected from homebuyers and financial institutions. The attached assets comprise leasehold rights over approximately 347.83 acres of land and equity shareholdings held through consortium and Special Purpose Company (SPC) structures involving M/s Sungrace Products (India) Pvt Ltd of the Uflex Group and M/s CIG Infrastructure Pvt Ltd.
According to the ED, the current fair market value of the attached assets linked to the UGCC project is estimated at around Rs 8,115 crore. The money laundering probe is based on 76 FIRs filed by Delhi Police and the CBI against Unitech Limited, its promoters, directors, and others under various sections of the IPC and the Prevention of Corruption Act for charges including cheating, criminal conspiracy, and diversion of homebuyers’ funds.
The investigation revealed that Unitech received Rs 16,075.89 crore from homebuyers, investors, and financial institutions, of which nearly Rs 7,794.35 crore was allegedly diverted for non-mandated purposes. The agency further alleged that M/s Sungrace Products (India) Pvt Ltd and M/s CIG Infrastructure Pvt Ltd had substantial economic interests in the UGCC project without corresponding financial contributions towards its acquisition or development.
So far, the ED has attached 1,296 movable and immovable properties worth Rs 2,281.07 crore in the broader Unitech case. The agency disclosed that one main charge sheet and two supplementary charge sheets have been filed before the Special PMLA Court in Delhi, with ongoing further investigation. The ED emphasized its commitment to securing and restituting proceeds of crime to innocent victims and lawful claimants transparently and expeditiously.
