The ED seized assets worth Rs 81 crore owned by Shivalik Group

101 pieces of land, helicopter taken over

Mumbai: The ED (Enforcement Directorate) has taken action against real estate company Unitech Group and seized assets worth crores of rupees from Shivalik Group. The ED found 101 pieces of land and a helicopter and seized assets worth Rs 81 crore from the Shivalik group.

The ED on March 4 raided 35 places, including Delhi-NCR. The raids were carried out on Unitech Group, Shivalik Group, Trikar Group and Carnostai Group. After this raid, the ED came to know that the Unitech group had diverted Rs 574 crore to the Shivalik group.

With the help of this money, the Shivalik group bought lands and a helicopter in Santacruz, Mumbai. Earlier in the case, the ED had seized assets worth Rs 349.82 crore from the Trikar group and the Carnostai group. After confiscating the assets of Shivalik Group, the ED has now seized assets worth Rs 431 crore.

Then in 2008, with the hard work and foresight of Chandra's two sons Sanjay and Ajay, their market capitalization reached Rs 8,500 crore. So at that time the company became the largest real estate company in the country. However, the 2008 recession cost them dearly. So many of Unitech's projects didn't really happen. With the help of Shivalik, Unitech planned to set up a township in Mumbai.