NEW DELHI: After Amrapali, the Supreme Court on Friday directed forensic audit of another real estate giant Unitech and its subsidiary companies to probe alleged financial irregularities and diversion of home-buyers' funds by its promoters and directors, which led to the company failing to complete housing projects. Unitech Group is involved in construction of 74 housing projects and around 17,000 home-buyers have invested in its projects.
Due to financial crisis, the Group has not been able to complete the projects, leaving buyers in the lurch.
Its managing director Sanjay Chandra and his brother Ajay Chandra have been in jail since April last year after being arrested by the Economic Offences Wing (EOW) of the Delhi Police for not handing over possession of flats to buyers despite money being paid to the company.
The case was registered against them by the aggrieved home-buyers.