The Enforcement Directorate (ED) has provisionally attached assets valued at approximately ₹634.12 crore linked to the Unitech Golf & Country Club (UGCC) project in Noida, as part of an ongoing investigation into alleged money laundering. The agency disclosed that the assets include leasehold rights over around 347.83 acres of land and equity shareholdings through consortium and Special Purpose Company structures involving Sungrace Products (India) Pvt. Ltd. and CIG Infrastructure Pvt. Ltd .
the fair market value of the properties associated with the UGCC project is estimated at ₹8,115 crore. This action stems from a probe initiated by 76 First Information Reports filed by the Delhi Police and the Central Bureau of Investigation (CBI) against Unitech Limited and its promoters,who are accused of misappropriating funds meant for homebuyers.
The investigation revealed that Unitech Limited received a total of ₹16,075.89 crore from homebuyers,investors,and financial institutions . Alarmingly,₹7,794.35 crore of this amount was allegedly diverted for unauthorized purposes. The ED noted that both Sungrace Products (India) Pvt . Ltd. and CIG Infrastructure Pvt. Ltd . have maintained significant economic interests in UGCC project without making corresponding financial contributions.
To date, the ED has attached a total of 1,296 movable and immovable assets valued at ₹2,281.07 crore in connection with Unitech case. The agency has also filed one main prosecution complaint along with two supplementary complaints as part of its efforts to address alleged financial misconduct.
