A Delhi Court on Monday granted bail to Manpreet Singh Chadha alias Monty Chadha, son of Slain liquor baron Ponty Chadha, in connection with an alleged property related fraud of over Rs 100 crore.
The court, after hearing the plea, granted bail to Monty Chadha.
Wave Group’s Vice Chairman Monty Chadha was arrested last week by officials of the Economic Offences Wing (EOW) of Delhi Police at the Indira Gandhi International Airport while he was leaving for Phuket in Thailand.
Complaint was filed by K Ramesh, Kaveri Ramesh. On the basis of their complaint, a case under sections 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) was registered.
An FIR was registered on January 24, 2018 against Uppal Chadha Hi Tech Developers Pvt Ltd. A Look Out Circular (LOC) was issued against Chadha in the case but he failed to appear.
As per FIR the projects reportedly spread across 1,500 acres at first were called Rosewood Enclave, Sunny Wood Enclave, Lime Wood Enclave and Chestwood Enclave, and comprised houses, villas, a golf course, helipads, an international school and college as well as shopping malls.
Police has submitted that twenty nine victims have approached police so far against the company alleging that it neither allotted the promised plots nor refunded their invested amount. Police has also registered a case against him and other promoters of Wave Group in connection with another matter.
Additional Session Judge Gulshan Kumar, after hearing arguments on behalf of Monty Chadha, granted bail to him with the conditions of furnishing a personal bond of Rs 50,000 and two sureties of the same amount and not to leave the country without prior permission from the court.
The court further asked the EOW of Delhi Police why investigation was not done between January 2018 and June 2019 into the claims of other investors.
