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 (EOW). However, Chandrasekhar will not walk out of Delhi’s Tihar Jail, where he is currently lodged, as he is an accused in several other cases.
Justice Manish Pitale, in its order, noted that the accused has been incarcerated for more than seven years in connection with the present offence, and the trial has yet to commence.
Sukesh Chandrasekhar was arrested in May 2015 under the Indian Penal Code (IPC) and the 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 percent monthly returns, along with rewards like Tata Nano cars and gold coins.
Chandrasekhar, accused of amassing Rs 19 crore through this Ponzi scheme, argued in his plea that the maximum sentence for the conviction was seven years, which he had already spent in jail awaiting trial. He approached the High Court after his bail plea was rejected by the special MPID court.
