Monty Chadha granted bail in Rs 100 cr cheating case by Delhi court
New Delhi, June 17: A Court in Delhi granted bail to Monty Chadha (son of late liquor baron Ponty Chadha), in connection with a cheating case. Bail has been granted to him on two surety bail bonds of Rs. 50,000 each. His release from jail comes four days after he was arrested in an alleged cheating by the Economic Offences Wing of the Delhi Police.
Chaddha, the vice-chairman of Wave Group, had filed the bail plea through his counsel on Saturday. Additional Sessions Judge (ASJ) Gaurav Rao had, however, adjourned the matter for hearing on June 17 after Chadha's leading senior advocate failed to appear before it citing personal reasons.
Earlier on Thursday, Metropolitan Magistrate Paras Dala rejected Chadha's bail plea and sent him to 14-days judicial custody.
Monty was booked by the Economic Offence Wing of Delhi Police in January, 2018 in a cheating case over allegations of duping the investors of over Rs 100 crore in a real estate project at NH24.
In the FIR registered against the promoters of the company, including Monty Chadha in January 2018 that was lodged by complainants K Ramesh, Kaveri Ramesh and 19 others, Wave Group has been charged with inflicting "suffering for 11 years...with no visible end to the abuse in sight".
The FIR was filed against the promoters including Monty Chadha, Harmandeep Singh Kandhari, Rajinder Singh Chadha, Gurjit Singh Kocher, Kritika Gupta and other officials under IPC sections 420, 406, 469, 468, 471 and 1208.