Mumbai: Supreme Construction Director Granted Bail in Multi-Crore Scam

A special court in Mumbai has granted bail to Lalit Shyam Tekchandani, the director of Supreme Construction and Developers, in a Rs 423 crore scam involving over 1,000 home buyers.

MumbaiPmlaSupreme ConstructionLalit Shyam TekchandaniBailReal Estate MumbaiMay 17, 2025

Mumbai: Supreme Construction Director Granted Bail in Multi-Crore Scam
Real Estate Mumbai:A special court in Mumbai has granted bail to Lalit Shyam Tekchandani, the director of Supreme Construction and Developers, in a Rs 423 crore scam involving over 1,000 home buyers. Tekchandani had been in jail since March 2024, and the court observed that prolonged incarceration infringes on his fundamental rights.

Tekchandani sought bail on the grounds of a delay in the commencement of the trial. The case is currently at the stage of framing charges. Special Judge A C Daga allowed his bail plea on May 15. The court noted that the Enforcement Directorate (ED) had not filed any intimation on record stating that the investigation was complete.

The court further stated that the draft charge provided by the special public prosecutor during the bail hearing seemed to be an attempt to prevent the applicant from being released on bail. The court emphasized that there is no possibility of completing the trial in the near future, and continuing the incarceration would infringe on the accused's fundamental right under Article 21 of the Constitution of India.

Supreme Construction and Developers purchased 56,980 square meters of land at Taloja in Navi Mumbai in 2008-2009 to develop a residential project under the Rental Housing Scheme floated by the Maharashtra government. The company collected approximately Rs 423 crore from prospective flat buyers. However, the possession of flats, which was supposed to be given in 2016, has not been delivered.

The ED claimed that more than 1,000 people who booked flats have been defrauded, and the amount collected by the company is considered proceeds of crime. Despite the significant delay and the ongoing investigation, the court decided to grant bail to Tekchandani, considering the lack of immediate progress in the trial.

This decision highlights the legal complexities and delays in high-profile cases, particularly those involving large sums of money and numerous aggrieved parties. The granting of bail to Tekchandani may provide some relief to the accused, but it also underscores the need for efficient and timely judicial processes to ensure justice for all parties involved.

Frequently Asked Questions

Who is Lalit Shyam Tekchandani?

Lalit Shyam Tekchandani is the director of Supreme Construction and Developers, a private limited company involved in a Rs 423 crore scam.

What is the PMLA?

The Prevention of Money Laundering Act (PMLA) is a law in India aimed at preventing money laundering and providing for the confiscation of property derived from, or involved in, money laundering.

Why was bail granted to Tekchandani?

Bail was granted due to the delay in the commencement of the trial and the court's observation that prolonged incarceration amounts to an infringement of his fundamental rights.

What was the project that Supreme Construction and Developers were developing?

The company purchased land at Taloja in Navi Mumbai to develop a residential project under the Rental Housing Scheme floated by the Maharashtra government.

How many people were allegedly defrauded in this scam?

More than 1,000 people who booked flats have been defrauded, according to the Enforcement Directorate.

Related News Articles

Mumbai's Housing Policy for Project-Affected Persons Gets CREDAI-MCHI's Thumbs Up
Real Estate Mumbai

Mumbai's Housing Policy for Project-Affected Persons Gets CREDAI-MCHI's Thumbs Up

CREDAI-MCHI welcomes state government's policy on housing for project-affected persons, expecting a positive impact on the real estate sector and urban landscape.

August 8, 2024
Read Article
Builders Play Crucial Role in Telangana's Urban Development: Minister Reddy
real estate news

Builders Play Crucial Role in Telangana's Urban Development: Minister Reddy

Minister Uttam Kumar Reddy emphasizes the significant role of builders in the rapid urban development of Telangana, highlighting their contributions to the real estate industry.

April 13, 2025
Read Article
Winter's Secret to Buying the Perfect Home
Real Estate

Winter's Secret to Buying the Perfect Home

Discover why winter might be the ideal season to buy a house, the unique advantages it offers, and a few considerations to keep in mind. Learn how to make the most of the quieter real estate market.

April 15, 2025
Read Article
Macrotech Developers Expands Presence in Pune with 5.1-Acre Land Development
Real Estate Pune

Macrotech Developers Expands Presence in Pune with 5.1-Acre Land Development

Macrotech Developers, a prominent real estate company, has signed a development agreement with Goel Ganga Developments for a 5.1-acre land parcel in Pune, further expanding its footprint in the city.

April 28, 2025
Read Article
Mumbai-Based KEC International Secures Rs 1,133 Crore Transmission Contracts
Real Estate Mumbai

Mumbai-Based KEC International Secures Rs 1,133 Crore Transmission Contracts

KEC International, a leading infrastructure firm based in Mumbai, has won significant transmission and distribution (T&D) contracts worth Rs 1,133 crore. These projects will enhance India's energy infrastructure, supporting the country's transition to sustainable power and grid modernization.

May 18, 2025
Read Article
Maharashtra Minister Ashish Shelar Proposes Grand National Memorial for Veer Savarkar at Andaman’s Cellular Jail
Real Estate Maharashtra

Maharashtra Minister Ashish Shelar Proposes Grand National Memorial for Veer Savarkar at Andaman’s Cellular Jail

Maharashtra Minister Ashish Shelar has proposed the establishment of a grand national memorial at the historic Cellular Jail in Andaman, where the famed freedom fighter Veer Savarkar was incarcerated. The project aims to honor Savarkar's legacy and inspire future generations.

May 19, 2025
Read Article