Sanjay Chandra has been in jail for the final three years over fees associated to monetary fraud and siphoning off of traders’ cash.
Supreme Court has granted one-month-lengthy interim bail to Unitech promoter Sanjay Chandra who has been in jail for the final three years over fees associated to monetary fraud and siphoning off of traders’ cash.
Sanjay was granted bail on humanitarian grounds after the courtroom was knowledgeable that each his aged parents have examined positive for coronavirus and have been critically sick. However, the apex courtroom refused to permit any such aid to Sanjay’s youthful brother Ajay, additionally in jail on comparable fees, Live Law reported. Both brothers had utilized for bail, informing the courtroom that their father, 78, was admitted in intensive care unit due to COVID-19 and associated well being issues, whereas their mom was additionally unwell.
Sanjay and Ajay have been each managing director of the now beleaguered realestate agency Unitech Ltd, based by their father Ramesh Chandra in 1971. The brothers have been jailed after the corporate defaulted on giving possession of flats to its homebuyers on time, and after forensic audits of the corporate’s books final yr confirmed that greater than 50 % of the cash deposited by homebuyers and monetary establishments had been siphoned off, which resulted in a delay in completion of initiatives, NDTV reported.
With inputs from PTI
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