Unitech, former directors booked by CBI for fresh fraud of Rs. 395 cr

“It has been alleged Unitech Ltd through its directors/guarantors Ramesh Chandra, Ajay Chandra and Sanjay Chandra, with dishonest intention and in criminal conspiracy with unknown bank officials and private persons, has defrauded IDBI bank. It is alleged that Unitech Limited had availed vendor bill discounting facility (VBD), a kind of credit of Rs 200 crore in 2011 and this facility was subsequently enhanced to Rs 400 crore in 2012 by the bank. The company as corporate guarantor agreed to pay the VBD liability and approached for rupee term loan (RTL) of Rs 395 crore,” the FIR states.

The complainant further alleged, “RTL of Rs 395 crore was sanctioned on February 8, 2016 by the executive committee of the bank. The loan was declared as fraud on April 18, 2022 by IDBI bank for Rs 395 crore and reported to the Reserve Bank of India on April 28 last year.”