The Bombay High Court granted bail to Sukesh Chandrasekhar for a 2015 cheating case. Despite this, he will remain in Tihar Jail due to other pending cases. Justice Manish Pitale cited his seven-year wait for trial. Chandrasekhar allegedly defrauded Rs 19 crore.
Mumbai: The Bombay High Court granted bail to Sukesh Chandrasekhar, an alleged conman, in relation to a 2015 cheating case brought by the Economic Offences Wing of the city’s police department.
Despite this decision, Chandrasekhar will continue to be held in Delhi’s Tihar Jail, where he currently detained on multiple other charges.
In the ruling issued on Thursday, Justice Manish Pitale of the single bench noted that Chandrasekhar has been in custody for over seven years for the current charges, and the trial has yet to commence.
Chandrasekhar apprehended in May 2015 under charges outlined in the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act. He stands accused of creating a fraudulent company called ‘Lion Oak Indian’ and promoting various investment schemes that promised 20 percent monthly returns along with incentives such as Tata Nano cars and gold coins.
Through this ponzi scheme, Chandrasekhar allegedly collected Rs 19 crore.
Despite his controversial reputation, Chandrasekhar’s legal team argued persistently for his release, citing various procedural lapses and the need for a fair trial. The Bombay High Court‘s decision to grant bail is seen as a critical juncture in this long-standing legal battle.
In his bail plea, Chandrasekhar contended that the maximum sentence for his alleged offenses is seven years, a period he already served while awaiting trial. After his bail plea was denied by the special MPID court, he sought relief from the Bombay High Court.
Read Also: Jacqueline Fernandez Knowingly Used, Enjoyed Conman’s Gains From Crime: ED
Justice Manish Pitale, in his decision to grant bail, pointed out the lengthy period Chandrasekhar has spent in custody without the trial starting. The detailed order from the court released on Friday.
Nevertheless, Chandrasekhar’s legal troubles persist as he still faces numerous charges in various other cases.
The Bombay High Court‘s decision to grant bail to Sukesh Chandrasekhar in the 2015 cheating case marks a pivotal moment in an ongoing legal saga, highlighting the complexities and controversies surrounding high-profile financial fraud cases in India.