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Mumbai: Former Topsgrup MD denied bail in money laundering case

M Sasidharan, former managing director of Topsgrup Services and Solutions Ltd, was the second person to be arrested in the case after the arrest of Amit Chandole, an aide of Shiv Sena MLA Pratap Sarnaik. The court also rejected Chandole's bail plea last week.

By: Express News Service | Mumbai |
January 21, 2021 10:38:35 pm
Mumbai money laundering case, Topsgrup MD bail, MMRDA, ED probe, Enforcement Directorate, Mumbai news, Maharashtra news, Indian express newsThe ED is investigating charges under the Prevention of Money Laundering Act on allegations that MMRDA, which gave a sub-contract to Topsgrup for providing security guards, was cheated of Rs 175 crore.

A SPECIAL court on Thursday rejected the bail application of M Sasidharan, former managing director of private security firm Topsgrup Services and Solutions Ltd, arrested by the Enforcement Directorate (ED) last month in a money laundering case. Sasidharan was the second person to be arrested in the case after the arrest of Amit Chandole, an aide of Shiv Sena MLA Pratap Sarnaik. The court also rejected Chandole’s bail plea last week.

The ED is probing allegations of the company cheating Mumbai Metropolitan Region Development Authority (MMRDA). The ED opposed bail to 70-year-old Sasidharan stating that as a top official of the firm, he was aware of the irregularities. It was also submitted that the probe is still on. Sasidharan’s lawyer, Sujit Shelar, submitted that the contract in question was awarded to the company in 2014, while he was appointed on the board of directors only in 2019.

The ED is investigating charges under the Prevention of Money Laundering Act on allegations that MMRDA, which gave a sub-contract to Topsgrup for providing security guards, was cheated of Rs 175 crore.

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