Mumbai, Oct 23 — The Enforcement Directorate (ED) has provisionally attached an immovable property spread over approximately 14.51 acres in Kolkata valued at Rs 85.20 crore, in connection with a bank fraud and money laundering case involving M/s Unity Infraprojects Ltd. (UIL) and others, the agency said on Friday.
According to the ED, the attached land, located at Mouza Chakgaria in Kolkata, is held in the name of M/s Suburban Agriculture Dairy & Fisheries Pvt. Ltd. (SADAFPL). The attachment was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The money laundering investigation stems from an FIR registered by the CBI's Bank Securities & Fraud Branch in Mumbai on a complaint lodged by the State Bank of India.
The FIR alleges that UIL, in connivance with its promoters, directors and associated entities, defrauded a consortium of 23 banks by availing credit facilities of around Rs 3,200 crore. The total outstanding dues, including interest, are estimated at approximately Rs 3,800 crore.
According to investigators, the fraud involved fictitious transactions, round-tripping of funds, manipulation of financial records, and diversion of funds through shell entities.
The ED said its probe revealed that funds from UIL were routed through its wholly owned subsidiary, Unity Realty & Developers Ltd. (URDL), and subsequently used to acquire and hold assets through associated companies. SADAFPL was identified as a step-down subsidiary of UIL through URDL.
Further investigations established a trail linking the Chakgaria land parcel to funds originating from UIL and its group entities, indicating diversion and layering of proceeds generated from the scheduled offences. The property was attached under Section 5(1) of the PMLA to prevent its transfer or disposal pending confiscation proceedings.
The agency noted that in July 2025 it had conducted searches at residential and commercial premises, as well as bank lockers, linked to UIL, its former directors and their family members. During those operations, movable assets worth Rs 31.21 crore were seized or frozen.
The ED had also attached land parcels and flats valued at about Rs 1,493 crore through three separate provisional attachment orders, all of which were later confirmed by the Adjudicating Authority under the PMLA.
With the latest attachment, the total value of movable and immovable assets attached or frozen in the case has risen to about Rs 1,609 crore, the agency said.
The ED further informed that it filed a prosecution complaint before the Designated Special Court, City Civil and Sessions Court, Greater Bombay, Mumbai, on March 27, 2026.
Further investigation is underway.