High Court Grants Bail to Unitech Founder in Money Laundering Case

The Delhi High Court has granted bail to Ramesh Chandra, the founder of Unitech, in a money laundering case. At 88 years old, Chandra's case involves allegations of Rs 5,826 crore in diverted funds affecting home buyers. He was previously given interim bail on medical grounds.

The Delhi High Court has granted bail to Ramesh Chandra, founder of the real estate firm Unitech, in a significant money laundering case. The court, presided over by Justice Jasmeet Singh, made the decision public on Friday, providing relief to the 88-year-old executive.

Chandra was arrested in October 2021 by the Enforcement Directorate on charges of money laundering. The court had provided him interim bail in 2022 due to health concerns, a provision that continued to be extended. The allegations involve a diversion of approximately Rs 5,826 crore, leaving numerous home buyers duped and without a place to stay.

The case has its origins in multiple FIRs filed by the Economic Offences Wing of the Delhi Police. The accusations include serious charges like cheating, criminal conspiracy, and corruption, aimed at public servants.

(With inputs from agencies.)