Bail Granted in Multi-Crore Housing Scam: A Legal Battle Unfolds

A special court has granted bail to Lalit Shyam Tekchandani, a builder embroiled in a Rs 423 crore scam that allegedly defrauded more than 1,000 home buyers. Tekchandani, detained since March 2024, argued for bail due to trial delays.

Presiding over the case, Special Judge A C Daga observed that Tekchandani's prolonged incarceration infringes upon his fundamental rights. Notably, the case has yet to progress beyond the stage of framing charges under the Prevention of Money Laundering Act (PMLA).

The Enforcement Directorate (ED) claims Tekchandani's firm duped home buyers, collecting Rs 423 crore for a residential project that remains unfinished since 2016. The court also noted the ED's lack of any supplementary complaint filing, questioning the trial's near-future completion prospect.

(With inputs from agencies.)