According to the allegations, Lakshya Tanwar took original property documents from people and worked hand-in-hand with bank officials to overvalue those properties
NEW DELHI: Today, 21st April, The Supreme Court of India has issued a notice in the bail application of Lakshya Tanwar, who is facing serious charges in 42 criminal cases related to cheating and fraud.
A two-judge bench, comprising Justice BR Gavai and Justice AG Masih, heard the matter. Tanwar is accused of cheating many people by falsely promising bank loans against their properties.
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According to the allegations, Lakshya Tanwar took original property documents from people and worked hand-in-hand with bank officials to overvalue those properties. Based on this inflated value, he allegedly arranged for large loans from banks.
However, instead of using the money legally, he is said to have diverted the funds to nearly 250 shell companies. The money was reportedly used to buy multiple properties fraudulently.
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During the hearing, Justice BR Gavai asked, “Has the petitioner been in jail for many years?”
To this, the counsel replied, “Yes, Mylords .. it’s been four years.”
The court took note of the long period of custody and the delay in hearing the bail matter. It was revealed that the bail application had been adjourned 27 times.
Considering this, the bench said, “Since the petitioner has been in custody for 4 years and the bail plea was adjourned 27 times, we’re issuing notice. Reply due in 3 weeks.”
