Mumbai: The Bombay High Court has granted bail to alleged conman Sukesh Chandrasekhar in a 2015 cheating case lodged by the city police's Economic Offences Wing.
Chandrasekhar, however, will not walk out of Delhi's Tihar Jail, where he is currently lodged, since he is an accused in several cases.
A single bench of Justice Manish Pitale, in its order of Thursday, details of which were made available during the day, noted that the accused has been incarcerated in the present offence for more than seven years and the trial is yet to commence.
Chandrasekhar was arrested in the case in May 2015 under Indian Penal Code and Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act for allegedly floating a bogus firm called 'Lion Oak Indian' and launching various investment schemes that promised 20 per cent monthly returns apart from rewards like Tata Nano car, gold coins etc.
Chandrasekhar, who is accused of amassing Rs 19 crore through this ponzi scheme, in his plea said the maximum sentence in case of conviction was seven years, time that he had already spent in jail awaiting trial.
He moved the Bombay HC after his bail plea was rejected by the special MPID court.
Published 05 July 2024, 14:31 IST