Unitech Directors Jailed for Cheating 30,000 Homebuyers

Unitech Limited, once one of India's largest real estate developers, collected thousands of crores from over 30,000 homebuyers across dozens of projects in the NCR region but failed to deliver the promised apartments. The company's promoters, Sanjay Chandra and Ajay Chandra, were accused of diverting homebuyers' funds to unrelated businesses and personal use.

Homebuyers who had invested their life savings waited years beyond promised delivery dates. Many were paying both home loan EMIs and rent, creating crippling financial burdens. Repeated promises of delivery dates came and went without any progress on construction.

The scale of the fraud was staggering — projects across Noida, Greater Noida, and Gurgaon were stalled, affecting families across income levels. Many buyers had pooled money from family members or taken loans they could barely afford, based on the promise of owning their first home.

The Supreme Court intervened, noting that the company's management had "virtually made it a policy to take money from homebuyers and then not deliver." The court took the extraordinary step of removing the existing management and appointing a new board.