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.nnTekchandani 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.nnThe 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.nnSupreme 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.nnThe 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.nnThis 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.

Tags:

Related News Articles

Shapoorji Pallonji Group Sells Stake in Hyderabad Project to GIC for Rs 2
Real Estate

Shapoorji Pallonji Group Sells Stake in Hyderabad Project to GIC for Rs 2

The Shapoorji Pallonji Group has sold its stake in the group's Singapore-based joint venture real estate fund (SPREF) held in the TSI Business Parks

May 30, 2024
Read Article
Arrow Global Secures $400 Million Commitment from ADIA for European Real Estate Lending
Real Estate

Arrow Global Secures $400 Million Commitment from ADIA for European Real Estate Lending

Arrow Global's European Real Estate Lending strategy provides flexible solutions tailored to investors and developers backed by quality living assets.

July 25, 2024
Read Article
Gaurs Group Pours Rs 1600 Crore into Luxury Housing Project in Ghaziabad
Real Estate

Gaurs Group Pours Rs 1600 Crore into Luxury Housing Project in Ghaziabad

Realty firm Gaurs Group is investing Rs 1600 crore in a new luxury housing project in Ghaziabad, Uttar Pradesh, amidst strong demand. The 12-acre development has already sold 1216 apartments, generating Rs 3100 crore in sales.

September 16, 2024
Read Article
Arkade Developers Makes a Strong Debut on Stock Exchanges with 36% Profit on Listing Day
Real Estate Maharashtra

Arkade Developers Makes a Strong Debut on Stock Exchanges with 36% Profit on Listing Day

The company launched 1,040 residential units in Maharashtra's Mumbai Metropolitan Region (MMR) between 2017 and Q1 2023, and it sold 792 residential units in different markets.

September 24, 2024
Read Article
Telangana Approves 33 New Positions for Real Estate Appellate Tribunal
real estate news

Telangana Approves 33 New Positions for Real Estate Appellate Tribunal

The Telangana Finance Department has sanctioned 33 new posts for the Real Estate Appellate Tribunal, directing the MA&UD department to obtain financial approval before initiating recruitment.

October 15, 2024
Read Article
Unraveling RBI's Decision: Why the Repo Rate Remained at 6.5%
Real Estate

Unraveling RBI's Decision: Why the Repo Rate Remained at 6.5%

Given the critical role of real estate, which contributes up to 7% of India's GDP, maintaining rate stability can also ensure development in related sectors...

December 7, 2024
Read Article