Mumbai Police’s Economic Offences Wing (EOW) has arrested a business partner of well-known builder Lalit Tekchandani for his role in duping flat-buyers and siphoning off funds. Manulla Kanchwala, who holds the majority of shares in Supreme Construction and Developers, was arrested with the help of Goa Police while he was trying to escape, the EOW told a court. Kanchwala was asked to appear before the investigating officer in connection with the case last month.
Tekchandani was arrested on January 30 by the EOW
The police have already filed six cases of fraud against the builder. On Monday the EOW produced Kanchwala and Tekchandani before the court and sought their custody. Seeking custody of Tekchandani, the police said that they need to verify his bank accounts and other details. Seeking custody of Kanchwala, the prosecution argued that after the previous directors, including Tekchandani, resigned, Kanchwala became the major shareholder in the company and the burden of completion of the project was on his shoulder.
However, the prosecution said he has failed to do so. The court, after hearing all the parties, extended police custody of Tekchandani till February 12 and remanded Kanchwala to police custody till February 15.
