MCA has find out a swindle around 700cr rupees in a real estate firm called unitech. It has been draw off huge amount of money to various shell companies. The promoters of unitech, Sanjay Chandra and his brothers were in tihar jail since 2007. Because of siphoning off the home buyers. Now MCA are in the place were examining findings to decide what action can be taken in the scam.
As a result of their investigation they says money has been diverted into 15-16 shell firms. And all the related evidence to this finding were submitted to the government. MCA were recently submitted a proposal to the supreme court saying that they will look after the management of trouble real estate firm unitech. In 2007 Chandra family were listed in the billionaire club, business standard with a net worth of over 30000cr rupees. Unitech were rapidly expanded between 2005-2007 with taking the advantage of real estate boom. And they landed up with multiple project that has been launched across the country.
Supreme court accepts the proposal to taken over the real estate company. A bench headed by justice DY chandrachaud gave two months to the new board to prepare the resolution frame work of the company and sought its report.
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