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MCA unearths Rs 700 cr scam in Unitech, says funds diverted to 16 shell cos

The ministry of corporate affairs (MCA) has unearthed a scam of around Rs 700 crore in troubled real estate company Unitech. The office of the regional director – north – has found that Unitech siphoned off huge amounts of money to various shell companies, a senior government official told Business Standard.

MCA is in the process of examining the findings to decide the next course of action in the matter. Unitech promoters Sanjay Chandra and his brother Ajay Chandra are in Delhi’s Tihar Jail since August 2017 for allegedly siphoning off homebuyers’ …

Source: Business Standard