In a dramatic turn of events, the Supreme Court has suspended the bail granted to Preeti Chandra, the wife of Unitech promoter Sanjay Chandra, by the Delhi High Court earlier this week. The apex court's decision came after an urgent appeal filed by the Enforcement Directorate (ED), seeking to overturn the high court's order.

A vacation bench comprising Justices Hima Kohli and Rajesh Bindal took up the case and promptly issued the stay order, preventing Preeti Chandra's release from custody. The ED's swift action was prompted by the looming operational date of the high court's order, which was set for Saturday, thus necessitating the urgent intervention of the apex court.

During the proceedings, Additional Solicitor General Sanjay Jain, representing the ED, argued that the high court's order should be stayed, as it had only been temporarily suspended until Friday. Senior Advocate Siddharth Agrawal, appearing on behalf of Preeti Chandra, countered by highlighting his client's medical issues and fervently requested her release from jail. Following a brief hearing, the bench acceded to the ED's plea for an interim stay on the high court's order and directed Preeti Chandra to file an application for interim bail on medical grounds before the appropriate court.

The ED had initiated the case in 2018, invoking various sections of the Prevention of Money Laundering Act against Preeti Chandra and the other promoters of Unitech Group, namely Sanjay Chandra and Ajay Chandra. The charges alleged the illicit diversion of more than Rs 2,000 crore of homebuyers' funds to overseas tax havens.

The involvement of the apex court in this matter arose from Unitech's failure to complete multiple housing projects, leaving countless homebuyers in a state of distress. In response, the Supreme Court ordered a forensic audit of the group, which revealed a staggering misappropriation of funds. Subsequently, the central government intervened to protect the interests of the homebuyers, assuming control of Unitech Group's management and appointing an independent Board of Directors to oversee the company's affairs under the supervision of the apex court.

The Supreme Court's decision to stay Preeti Chandra's bail has captivated the nation, heightening interest in this high-stakes money laundering case. As the legal battle unfolds, the nation eagerly awaits further developments and the pursuit of justice for the affected homebuyers.