Monty Chadha, Son of Late Ponty Chadha, Granted Bail in Rs 100 Crore Cheating Case by Delhi Sessions Court

Team Latestly
A Delhi Court on Saturday deferred hearing in the bail plea filed by Wave Group chairman Manpreet Singh (Monty) Chadha in connection with a cheating case against him.

New Delhi, June 17: Manpreet Singh Chadha alias Monty, the son of late liquor baron Ponty Chadha, has been granted bail by a sessions court in Delhi. His release from jail comes four days after he was arrested in an alleged cheating by the Economic Offences Wing of the Delhi Police. Chadha Arrested From Delhi Airport in Rs 100 Crore Cheating Case

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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.

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Chadha, who is als the director of Uppal-Chadha Hi-tech Developers Private Limited was arrested by the Economic Offences Wing while he was flying from India to Phuket via Singapore on Thursday.

The investigators, who have been probing the alleged cheating case involving him, have accused Chaddha of defrauding investors to the tune of over Rs 100 crore. A Lookout Circular (LOC) was issued against him earlier this year in connection with the case.