Six years ago, around the time desperate homebuyers approached courts against Unitech Group promoter Sanjay Chandra, his wife Preeti Chandra set up an offshore family trust structure and changed her nationality, records in the Pandora Papers investigated by The Indian Express show.
Records of corporate service provider Trident Trust show that Unitech Group defaulted as early as 2009 on servicing a $210-million loan from Credit Suisse for investing in realty projects in India.
Last Monday, Preeti Chandra and Sanjay Chandra’s father Ramesh Chandra were arrested by the Enforcement Directorate probing the Unitech money laundering case. In March, the ED had stopped her from boarding a flight at Delhi. The agency claimed she was “involved in laundering and layering of funds deposited by home buyers”.
Earlier this week, the Supreme Court cleared a “full-fledged criminal investigation” into allegations of collusion of certain officials of Tihar jail with Sanjay Chandra and brother Ajay Chandra while they were lodged in the jail. In August, both were ordered to be separated and moved to jails in Mumbai.
Between her husband’s arrests in 2011 in the 2G spectrum scam, and in 2017 for allegedly cheating homebuyers, fashion designer Preeti Chandra, still an Indian citizen, incorporated two companies and a family trust in the British Virgin Islands.
Formed in March 2015, Trikar International Inc (BVI), was to hold…