Monty Chadha, son of liquor baron Ponty Chadha of Uttar Pradesh, got bail in the case of cheating. Saket Court of Delhi has granted bail to Monty on a bond of Rs.50000. Along with this, the court has ordered not to go on an unauthorized foreign trip. Monty Chadha is accused of cheating with flat buyers.
In the court hearing on Saturday, Monty Chadha's counsel sought two days' time from the court, after which the hearing on the bail plea was postponed till Monday. Chadha's counsel had told the court that Monty Chadha had compromised with 28 people who had invested in this project. Those who want to be in this agreement, they will come to the office in the next two days.
Wave Group CEO Manpreet Singh Chadha alias Monty Chadha was arrested on June 13 from Delhi's Indira Gandhi International Airport. Monty Chadha is accused of not fulfilling the promises made to flat buyers. Monty Chadha promised to provide several other facilities with facilities like Metro, Helipad, in a HiTech Township project located on NH24. But none of these promises were fulfilled.
An FIR was lodged against Monty for cheating more than Rs. 100 crores of investors in the year 2018. The whole case of Monty Chadha is related to financial crime. So look-out circular has been issued against Monty. Monty was arrested by the immigration authorities on Wednesday before taking the aircraft to fly to Phuket, after which he was handed over to the Delhi Police.
Manpreet's father Ponty Chadha has been murdered and Monty's company HiTech Developers Pvt Ltd is accused of cheating to flat buyers.
