The Bombay High Court has granted bail to alleged conman Sukesh Chandrasekhar in connection with a 2015 cheating case filed by the Economic Offences Wing of the city police. Despite this, Chandrasekhar will remain in Delhi’s Tihar Jail, where he is currently detained as an accused in multiple other cases.
Justice Manish Pitale of the single bench, in his order issued on Thursday, highlighted that the accused has been in custody for over seven years for the current offence, and the trial has yet to begin. Chandrasekhar was arrested in May 2015 under the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act. He is accused of floating a bogus firm named ‘Lion Oak Indian’ and launching various investment schemes that promised 20 percent monthly returns and rewards like Tata Nano cars and gold coins.
Chandrasekhar allegedly amassed Rs 19 crore through this ponzi scheme. In his plea, he argued that the maximum sentence for his alleged crimes is seven years, a duration he has already served while awaiting trial. Following the rejection of his bail plea by the special MPID court, he approached the Bombay High Court.
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Justice Pitale, while granting bail, observed the prolonged incarceration of Chandrasekhar without the commencement of the trial. The court’s detailed order was made available on Friday. However, Chandrasekhar’s legal battles are far from over, as he continues to face multiple charges across different cases.
