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ED attaches London hotel worth Rs 58.6 crore in Unitech Group money laundering case

The London-based ‘Bed and Breakfast’ hotel was attached by the ED in connection with the Unitech Group money laundering case.

July 30, 2021 / 03:05 PM IST

A London hotel worth Rs 58.61 crore owned by M/s Ibournshorne Limited – the United Kingdom-based associate company of Carnoustie Group, has been provisionally attached by the Enforcement Directorate. The ‘Bed and Breakfast’ hotel was attached by the ED in connection with the Unitech Group money laundering case, the Economic Times reported.

The total Proceeds of Crime (POC) in the money laundering case against the Unitech Group stands at Rs 5063.05 crore at present. The ED has already attached immovable assets worth Rs 537 crore belonging to the Trikar Group, Carnoustie Group, and Shivalik Group. The total attachments made by the ED in the case now stand at Rs 595.61 Crore.

The probing agency released a statement on July 30 and confirmed that it launched a money laundering investigation against the Unitech Group and its promoters based on the multiple FIRs that were filed by homebuyers in Delhi.

The ED further informed that their investigation has revealed that Rs 325 crore worth of funds belonging to homebuyers were illegally diverted to the Carnoustie Group.

The ED statement read: “Out of this, Rs 41.3 Crore were diverted to UK after substantial layering through Carnoustie Group, India and through M/s Indesign Enterprises Pvt Ltd, Cyprus. These funds were used for purchasing the shares of M/s Ibounshorne Limited, UK, in the name of Carnoustie Management India Pvt Limited, an entity belonging to Carnoustie Group.”

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The Enforcement Directorate had earlier raided 38 locations -- premises of the Shivalik Group, the Trikar Group, the Unitech Group, and the Carnoustie Group – spread across the National Capital Region (NCR) and in Mumbai.

As per the probing agency, an analysis of the records seized from the raided premises and the disclosures made by various persons helped unearth the diversions mentioned.
Moneycontrol News
first published: Jul 30, 2021 03:05 pm
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