ED to examine alleged siphoning by Unitech promoters

An alleged siphoning of over Rs 1,600 crore by real estate developer Unitech’s promoters has come under the scanner of the Enforcement Directorate (ED). The agency will examine whether the funds were siphoned off abroad. It will zero in on bank accounts of the directors of the company to ascertain if the money was diverted to foreign shores including Dubai. ED will also check the money laundering angle under the Prevention of Money Laundering Act (PMLA). After the Supreme Court appointed auditor Grant Thornton highlighted grave irregularities in its preliminary report, the forex enforcement agency has zeroed in on this case.