ED Attaches ?335 Crore Assets of Unitech
ECONOMY & POLICY

ED Attaches ?335 Crore Assets of Unitech

The Enforcement Directorate (ED) has attached assets worth ?335 crore belonging to the Unitech Group under the Prevention of Money Laundering Act (PMLA). This action is part of a broader investigation into alleged financial irregularities and money laundering linked to the real estate company.

Unitech, once a major player in the Indian real estate market, has faced several legal challenges and investigations over the years. The current move by the ED is a significant step in their ongoing efforts to address the alleged misconduct within the company. The assets seized include properties and financial holdings believed to be proceeds from unlawful activities.

The ED’s actions highlight the increasing scrutiny of the real estate sector in India, where regulatory bodies are intensifying efforts to combat money laundering and protect the interests of homebuyers. The investigations have raised concerns about the transparency and governance of firms operating in this space, affecting investor confidence.

As the ED continues its probe, Unitech Group’s ability to navigate this regulatory landscape remains uncertain. The outcome of these investigations may have long-term implications not only for the company but also for the broader real estate market, which is already grappling with issues of trust and accountability.

In summary, the attachment of ?335 crore worth of assets by the ED signals a critical juncture for the Unitech Group, emphasizing the ongoing battle against financial malpractice in the real estate industry. Stakeholders are watching closely as developments unfold, which could further influence regulatory practices in the sector.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

The Enforcement Directorate (ED) has attached assets worth ?335 crore belonging to the Unitech Group under the Prevention of Money Laundering Act (PMLA). This action is part of a broader investigation into alleged financial irregularities and money laundering linked to the real estate company. Unitech, once a major player in the Indian real estate market, has faced several legal challenges and investigations over the years. The current move by the ED is a significant step in their ongoing efforts to address the alleged misconduct within the company. The assets seized include properties and financial holdings believed to be proceeds from unlawful activities. The ED’s actions highlight the increasing scrutiny of the real estate sector in India, where regulatory bodies are intensifying efforts to combat money laundering and protect the interests of homebuyers. The investigations have raised concerns about the transparency and governance of firms operating in this space, affecting investor confidence. As the ED continues its probe, Unitech Group’s ability to navigate this regulatory landscape remains uncertain. The outcome of these investigations may have long-term implications not only for the company but also for the broader real estate market, which is already grappling with issues of trust and accountability. In summary, the attachment of ?335 crore worth of assets by the ED signals a critical juncture for the Unitech Group, emphasizing the ongoing battle against financial malpractice in the real estate industry. Stakeholders are watching closely as developments unfold, which could further influence regulatory practices in the sector.

Next Story
Infrastructure Transport

Indian Railways Marks New Milestone with 4.5 km Long ‘Rudrastra’ Trial

Indian Railways has successfully conducted the trial run of Asia’s longest freight train, named ‘Rudrastra’, achieving a new milestone in cargo transportation, as per news reports. The 4.5 km-long train began its trial from Ganjkhwaja railway station in Chandauli, Uttar Pradesh, and travelled to Garhwa in Jharkhand. Covering a distance of 209 km in 5 hours and 10 minutes, it maintained an average speed of 40.5 km per hour. The train was formed by combining three long-haul racks, with ..

Next Story
Infrastructure Energy

UltraTech Launches India’s First On-Site Hybrid RTC Renewable Energy Project

UltraTech Cement has operationalised a 7.5 MW round-the-clock (RTC) hybrid renewable energy project at its Sewagram Cement Works in Gujarat. The first-of-its-kind solution combines bifacial solar modules with trackers, wind energy and battery storage, co-located on-site, to ensure uninterrupted power for cement manufacturing without grid reliance. The project was executed in collaboration with clean energy solutions provider Gentari. Installed as a behind-the-meter system, it is the country..

Next Story
Infrastructure Transport

Patna Metro Trials Successful, Red Line Priority Corridor to Launch This Month

Patna is set to roll out its first metro rail service later this month, with successful trial runs conducted on the Red Line priority corridor, the Patna Metro Rail Corporation announced.On 7 September, a metro train completed a test run between the Patna depot and Bhootnath station. Officials said the trials involved rigorous checks of rolling stock fitness, overhead electrification (OHE), and track alignment and stability to ensure operational safety and performance.The corridor from the New Pataliputra Bus Terminal to Bhoothnath has been designated as the priority stretch and will be the fi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?