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
Lalit Shyam Tekchandani is the director of Supreme Construction and Developers, a private limited company involved in a Rs 423 crore scam.
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.
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.
The company purchased land at Taloja in Navi Mumbai to develop a residential project under the Rental Housing Scheme floated by the Maharashtra government.
More than 1,000 people who booked flats have been defrauded, according to the Enforcement Directorate.
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