The Delhi High Court has granted the bail to Unitech Founder, Ramesh Chandra accused under Prevention of Money Laundering Act on the grounds that 17 accused persons, 66 companies, 121 witnesses and 77,812 pages of documents plus enormous digital data which needs to be analysed. There is no likelihood of the trial to be concluded in the near future.
The bench of Justice Jasmeet Singh has directed that that petitioner, Ramesh Chandrato be released on interim bail since 08.08.2022 on medical grounds and there are no allegations of misuse of liberty by him while on bail. As regards the flight risk, adequate restrictions can be imposed upon the petitioner.
The petitioner, Ramesh Chandra is the Founder of Unitech seeking regular bail under Sections 406, 420 and 120-B of the Indian Penal Code, 1860 (IPC) and Sections 3 read with 4 of the Prevention of Money Laundering Act, 2002 (PMLA). On 31.08.2021, the ECIR was amended to include the offences under Sections 7, 8, 9, 10, 12 and 13 of the Prevention of Corruption Act, 1988 (PCA).
The petitioner contended that he is 86 years old and is suffering from multiple ailments. His medical reports indicate a deteriorating condition, including a high risk of a lacunar stroke, repeated dizziness and a history of severe post COVID-19 complications.
Background
Between 2006 to 2022, 62 FIRs were registered by Delhi Police and CBI, against Promoters of Unitech Group (the company) i.e. Ramesh Chandra, Ajay Chandra and Sanjay Chandra and their associates under Sections 34, 201, 406, 409, 120B and 420 of IPC and under Sections 7, 7(A), 8, 9, 10, 12 and 13 of PCA. Most of the said FIRs were recorded based on complaints made by homebuyers who were cheated by the accused persons.
The Chandras promised the homebuyers that they would get their dream home and investors would get a handsome return on their investment. Induced by this promise the homebuyers and investors invested huge amounts in the company. These amounts were misutilised and laundered.
On the basis of numerous FIRs, an investigation was taken up to trace proceeds of crime (POC) and to investigate possible money laundering under PMLA by Delhi Zonal Office-II, ED on 06.06.2018 vide ECIR/04/DLZO-II/2018.
The role ascribed to the petitioner in the prosecution complaint is that the petitioner was the main Promoter and Chairman of the company. During his tenure, thousands of homebuyers were persuaded to invest their lifelong savings in the company for residential units.
However, it is alleged that a significant portion of these funds was misappropriated for non-mandated activities. Based on complaints from aggrieved homebuyers, multiple criminal cases of cheating and fraud were filed against the petitioner. Subsequently, in 2016, the Hon‟ble SupremeCourt took cognizance of the matter and on 20.01.2020, ordered the removal of the petitioner from the company. He is a direct beneficiary of the POC to the tune of Rs. 5826 Crores (as identified by the forensic auditors Grant Thornton LLP in their forensic report conducted in view of the directions given by the Supreme Court) and therefore, liable for the offence under Section 3 of PMLA.
Bail Conditions
The court granted the bail to the Unitech Founder, Ramesh Chandra subject to various conditions.
Firstlt, the petitioner shall furnish a personal bond with a surety in the sum of Rs. 1,00,000 to the satisfaction of the Trial Court.
Secondly, the petitioner shall appear before the Court as and when the matter is taken up for hearing unless exempted from personal appearance.
Thirdly, the petitioner shall provide his mobile number to the Investigating Officer (IO) concerned at the time of release, which shall be kept in working condition at all times. The petitioner shall not switch off or change the same without prior intimation to the IO concerned, during the period of bail.
Fourthly, in case the petitioner changes his address, he will inform the IO concerned and this Court also.
Fifthly, the petitioner shall not leave the country during the bail period and surrender his passport at the time of release before the Trial Court.
Sixthly, the petitioner shall not indulge in any criminal activity during the bail period.
Lastly, the petitioner shall not communicate with or intimidate or influence any of the prosecution witnesses or tamper with the evidence of the case.
Case Details
Case Title: Ramesh Chandra Versus The Directorate Of Enforcement
Case No.: BAIL APPLN. 1913/2022
Date: 21.03.2025
Counsel For Petitioner: Rebecca M. John, Sr. Adv.
Counsel For Respondent: Mr. Zoheb Hossain, Special Counsel
