A court in Delhi on Monday granted deceased liquor baron Ponty Chadha’s son Manpreet Singh Chadha bail in a real estate fraud case against him, PTI reported. Additional Sessions Judge Gulshan Kumar granted relief to Manpreet Singh Chadha on a bond of Rs 50,000 and two sureties of the same amount.
The Economic Offences Wing of the Delhi Police had on June 13 arrested Manpreet Singh Chadha alias Monty Chadha at the Indira Gandhi International Airport in New Delhi. Chadha, who is the vice chairperson of the Wave Group and director of Uppal-Chadha Hi-tech Developers Private Limited, was taken into custody when he was reportedly leaving for Phuket, Thailand. He was denied bail on that day.
Monty Chadha is accused of cheating several flat buyers, and has been charged under several sections related to cheating, criminal breach of trust and criminal conspiracy of the Indian Penal Code. He will be produced at a local court on Thursday. As many as 29 flat buyers have so far come forward, alleging that his company neither allotted the promised plots nor refunded their invested amount.
Additional Commissioner of Police (EOW) Suvashish Chaudhary said a look-out circular was issued against Monty Chadha a few months ago after a cheating case was registered against him and the Wave group in January 2018.
On Monday, the court imposed several conditions on the accused while rendering him bail. One of these conditions is that Monty Chadha will not leave the country without the court’s permission. However, the court also asked the Economic Offences Wing why no investigation was done between January 2018 and January 2019 on the buyers’ claims.
In 2012, Ponty Chadha and his younger brother were killed in a shootout at a farmhouse in Delhi over an alleged property dispute. Monty Chadha has been managing the family’s liquor and real estate business since his father’s death.