Delhi HC grants regular bail to former Unitech Group promoter Ramesh Chandra in PMLA case

Ramesh Chandra, arrested in the present case on 04.10.2021, was released on interim bail on 08.08.2022 on medical grounds.

Justice Jasmeet Singh granted bail to Ramesh Chandra on furnishing a personal bond of Rs One lakh and a surety bond of like amount. The High Court has imposed certain conditions on Chandra.

While granting bail, Justice Jasmeet Singh said, " I am of the view that the petitioner falls within the ambit of "infirm" under the proviso to section 45(1) of PMLA, and thus, he is not required to meet the twin test of section 45(1) of PMLA."

The court also considered the delay aspect of the case and said that the present case was registered in 2018, the investigation related to the petitioner is complete, but the trial has yet to begin.

"There are 17 accused persons, 66 companies, 121 witnesses and 77,812 pages of documents plus enormous digital data which needs to be analysed in the present case. Thus, there is no likelihood of the trial to be concluded in the near future," Justice Singh observed.

The High Court also noted that the petitioner has been released on interim bail since 08.08.2022 on medical grounds, and there are no allegations of his misuse of liberty while on bail.

The court also said that as regards the flight risk, adequate restrictions can be imposed upon the petitioner.

It was stated that the petitioner is 86 years old and is suffering from multiple ailments. His medical reports indicate a deteriorating condition, including a high risk of a lacunar stroke, repeated dizziness and a history of severe post-COVID-19 complications.

It is alleged that between 2006 to 2022, 62 FIRs were registered by Delhi Police and CBI, against promoters of Unitech Group Ramesh Chandra, Ajay Chandra and Sanjay Chandra and their associates under Sections 34, 201, 406, 409, 120B and 420 of IPC and under Sections 7, 7(A), 8, 9, 10, 12 and 13 of PCA. Most of the said FIRs were recorded based on complaints made by homebuyers who the accused persons cheated.

Chandra had allegedly promised the homebuyers that they would get their dream home and investors would get a handsome return on their investment. Induced by this promise, the homebuyers and investors invested huge amounts in the company. These amounts were mutualised and laundered.

Based on numerous FIRs, an investigation was taken to trace the proceeds of crime and to investigate possible money laundering under PMLA on 06.06.2018. The role ascribed to the petitioner in the prosecution complaint is that the petitioner was the main Promoter and Chairman of the company.

During his tenure, thousands of homebuyers were persuaded to invest their lifelong savings in the company for residential units. However, it is alleged that a significant portion of these funds was misappropriated for non-mandated activities.

Based on complaints from aggrieved homebuyers, multiple criminal cases of cheating and fraud were filed against the petitioner. Subsequently, in 2016, the Supreme Court took cognisance of the matter and on 20.01.2020, ordered the removal of the petitioner from the company. (ANI)