Ramesh Chandra, Unitech founder, gets regular bail from Delhi High Court Today (March 21) in a major money laundering case. He was earlier on interim medical bail due to health issues.
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NEW DELHI: The Delhi High Court has given regular bail to Unitech founder Ramesh Chandra in a money laundering case filed by the Enforcement Directorate (ED).
This decision was made on Friday by Justice Jasmeet Singh, who announced the verdict in the courtroom.
A full, detailed copy of the court order is still expected.
Earlier, Ramesh Chandra had already been out on interim medical bail since 2022 because of his health problems. But now, the court has finally granted him regular bail after hearing all the arguments.
Ramesh Chandra is a director of Unitech Limited, which is a well-known real estate company in India. He has been accused of being involved in diverting a huge amount of money – around Rs 5,826 crore, which originally belonged to home buyers. This means that money given by people to buy homes was allegedly misused or transferred illegally elsewhere.
The octogenarian (a person who is more than 80 years old) was arrested in October 2021 by the authorities. After that, in 2022, he had approached the Delhi High Court to ask for bail because of his bad health condition. Taking his medical situation seriously, the court allowed him to go on interim medical bail in July 2022.
That interim bail was extended several times after that. In fact, the Supreme Court also gave a stay on the order that asked him to surrender. So, he did not have to go back to jail immediately.
Now, after a long legal process, the Delhi High Court has granted him regular bail.
In this important legal case, Ramesh Chandra was represented by Senior Advocate Rebecca M. John, along with advocates Vishal Gosain, Anuroop Chakravarti, and Pravir Singh. They strongly argued on his behalf and explained his health issues and the circumstances.
On the other side, the Enforcement Directorate (ED) was represented by Special Counsel Zoheb Hossain, with Standing Counsel Vivek Gurnani and advocates Kartik Sabharwal, Pranjal Tripathi, and Kanishk Kochar. They put forward the case from ED’s side, mentioning the seriousness of the money laundering allegations.
This case is very important because it is related to thousands of homebuyers who had trusted Unitech Limited with their hard-earned money to buy their dream homes. But due to the alleged misuse of funds, many people have faced delays and financial troubles. So, the court proceedings are being closely followed by the public.
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Now, the latest decision to grant regular bail to Ramesh Chandra does not mean he is declared innocent. It just means that he does not have to stay in jail while the trial is going on. He still has to face the legal process and prove his side in court.
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