The Delhi High Court has granted bail to Ramesh Chandra, the founder of the real estate giant Unitech, in connection with a money laundering case. The decision was announced by Justice Jasmeet Singh on Friday, although the detailed order has yet to be released.
Ramesh Chandra, aged 88, was arrested by the Enforcement Directorate (ED) in October 2021. Since then, he has faced serious allegations tied to a substantial financial scandal that has impacted thousands of homebuyers. In 2022, the High Court had granted him interim bail on medical grounds, which was extended periodically due to his health issues.
In a prior hearing on March 15, 2024, the court highlighted that Chandra, a former director of Unitech Limited, was implicated in significant offenses involving the diversion of approximately Rs 5,826 crore. These funds, belonging to homebuyers, were allegedly misappropriated, leaving many without homes.
The allegations against Chandra include cheating, criminal conspiracy, and influencing public servants through undue advantage and bribery. These charges stem from multiple FIRs lodged by the Economic Offences Wing of the Delhi Police.
