TOI News Desk
Bombay high court on Thursday granted bail to alleged conman Sukesh Chandrashekar in a 2015 cheating case. However, he will be released from prison as he in accused in multiple cases.
A single bench of Justice Manish Pitale, in its order of Thursday, noted that Sukesh 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 (IPC) 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.
After the special MPID court rejected his plea, Bombay high court move to the high court for the bail.
A single bench of Justice Manish Pitale, in its order of Thursday, noted that Sukesh 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 (IPC) 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.
After the special MPID court rejected his plea, Bombay high court move to the high court for the bail.