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
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.
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