The total attachment made vide this PAO is Rs. 634.12 Crore, identified as Proceeds of Crime generated through diversion of homebuyers’ and financial institutions’ funds.
FinTech BizNews Service
Mumbai, 30 May 2026: Directorate of Enforcement (ED), Headquarters Investigation Unit (HIU), New Delhi has issued a Provisional Attachment Order (PAO) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 on 27.05.2026, provisionally attaching properties connected with the Unitech Golf & Country Club (UGCC) Project situated at Sectors 96, 97 and 98, Noida.
The total attachment made vide this PAO is Rs. 634.12 Crore, identified as Proceeds of Crime generated through diversion of homebuyers’ and financial institutions’ funds. The attached properties include leasehold rights over approximately 347.83 acres of land and equity shareholdings held through consortium/Special Purpose Company (SPC) structures involving M/s Sungrace Products (India) Pvt. Ltd. (Uflex Group) and M/s CIG Infrastructure Pvt. Ltd.
The present fair market value of the attachment made in UGCC project made is Rs. 8,115 Crore. ED initiated investigation on the basis of 76 FIRs registered by Delhi Police and CBI against Unitech Limited, its Promoters/Directors and others under various sections of IPC, 1860 and Prevention of Corruption Act, 1988 relating to cheating, criminal conspiracy and diversion of homebuyers’ funds. ED investigation has revealed that out of total funds amounting to Rs. 16,075.89 Crore received by Unitech Limited from homebuyers, investors and financial institutions, funds amounting to Rs. 7,794.35 Crore were diverted for non-mandated purposes. Investigation further revealed that M/s Sungrace Products (India) Pvt. Ltd. and M/s CIG Infrastructure Pvt. Ltd. have derived and continue to retain substantial economic interest in the UGCC Project without corresponding financial contribution towards acquisition or development of the project. ED has attached 1296 movable and immovable properties having total value of Rs. 2,281.07 Crore in the Unitech matter, so far. Further, one main Prosecution Complaint and two Supplementary Prosecution Complaints have already been filed before the Special PMLA Court, Delhi. Further investigation is under progress. ED remains committed in securing and restituting the Proceeds of Crime to the innocent victims of financial crime and the lawful claimants in a transparent and expeditious manner.
