Mumbai: The Bombay High Court on Thursday granted bail to Shekhar (Sukesh) Chandrashekhar in connection with a cheating and fraud case registered by the Mumbai police.
He is currently incarcerated at Tihar jail in Delhi and will continue to remain in prison in the extortion case registered under the Prevention for Money Laundering Act.
Chandrashekhar’s lawyers Vikram Sutaria and Agastya Desai had contended that the maximum punishment for the charges he has been booked under is seven years but he has already spent seven years and ten months in jail in the case. He was arrested on May 29, 2015.
Prosecution's Case
As per the prosecution case, Chandrashekhar floated several schemes through Kind Group of India but they were not commercially viable as they promised returns of 200% to 1500% at the time of maturity. It is alleged that he accepted Rs 5,000 to Rs 5 lakh from small depositors in several schemes namely Weekly New Year Bonanza, New Year Bonanza, Christmas Santaclaus, Onam Special, etc., and collected Rs 19 crore from around 450 investors.
It is further alleged that there was no business being run and the funds received from one depositor were offered to another. It is further alleged that the accused used the funds for personal enjoyment, amusement, and luxury.
