Bail Granted to Builder Lalit Tekchandani in Money Laundering Case

Strategic Insights -

The special PMLA court has granted bail to builder Lalit Tekchandani, accused of laundering Rs423 crore collected from prospective flat buyers. Tekchandani's lawyer argued that his client had been in custody since March 18, 2024, with no progress in trial, and that the trial in the predicate offence and the money laundering case would take long to progress due to a large number of witnesses. The court observed that prolonged incarceration cannot convert into pre-trial detention without proceedings concluding in the near future. Despite the ED's objection to the bail plea, the court granted relief, noting that the agency had requested framing of charge and proceeding further with the trial, but had not completed the investigation.

Key Takeaways:

  • The special PMLA court granted bail to builder Lalit Tekchandani, accused of laundering Rs423 crore.
  • Tekchandani's lawyer, Taraq Sayed, argued that his client had been in custody since March 18, 2024, with no progress in trial.
  • The trial in the predicate offence and the money laundering case will take long to progress due to 36 witnesses in the money laundering case, 42 in the first scheduled offence, and 526 in the offence filed with the Taloja police.
  • The defence claimed that the project is 75% completed, despite collecting hundreds of crores from buyers in 2016.
  • ED prosecutor Arvind Aghav objected to the bail plea, but the court granted relief, noting that the agency had requested framing of charge and proceeding further with the trial.
  • The court observed that prolonged incarceration cannot convert into pre-trial detention without proceedings concluding in the near future.

Statistics:

  • Rs423 crore collected from prospective flat buyers, allegedly laundered by Tekchandani.
  • 36 witnesses in the money laundering case.
  • 42 witnesses in the first scheduled offence.
  • 526 witnesses in the offence filed with the Taloja police.
  • The project is 75% completed, despite promising possession in 2016.

Sources:

  • Special PMLA court, Mumbai.
  • Indian National Press (Bombay) Pvt. Ltd.
  • Contify.com.