Rs 100 crore fraud case: Ponty Chadha’s son Monty gets bailhttps://indianexpress.com/article/india/rs-100-crore-fraud-case-ponty-chadhas-son-monty-gets-bail-5784533/

Rs 100 crore fraud case: Ponty Chadha’s son Monty gets bail

Monty was arrested by the officials of the Economic Offences Wing of Delhi Police at the Indira Gandhi International Airport in New Delhi while he was leaving for Phuket in Thailand.

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A magisterial court had denied him bail on June 13, saying thousands of investors were affected and only a few had approached the court. (Express Photo)

Slain liquor baron Ponty Chadha’s son Manpreet Singh Chadha alias Monty Chadha was granted bail in connection with an alleged property-related fraud of over Rs 100 crore.

Monty, the vice-chairman of Wave Group, 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.

The bail was granted on a personal bond of Rs 50,000 and two sureties of the same amount. Monty, however, cannot leave the country without prior permission from the court. Additional Session Judge Gulshan Kumar also asked the Economic Offences Wing (EOW) of Delhi Police why no investigation was done between January 2018 and June 2019 into the claims of other investors.

A magisterial court had denied him bail on June 13, saying thousands of investors were affected and only a few had approached the court.

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A Look Out Circular (LOC) was issued against Chadha in the case but he failed to appear. As per the FIR filed on January 24, 2018, Uppal Chadha Hi-Tech Developers Pvt Ltd did not deliver their promised hi-tech township in Ghaziabad. The case has been registered under IPC sections 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) after a complaint was filed by K Ramesh, Kaveri Ramesh and others.

The FIR mentions that 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. 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 had said.

A case has also been registered against him and other promoters of Wave Group in connection with another matter.

(With inputs from PTI)