Sanjay Chandra has been in jail for the last three years over charges related to financial fraud and siphoning off of investors’ money.
Supreme Court has granted one-month-long interim bail to Unitech promoter Sanjay Chandra who has been in jail for the last three years over charges related to financial fraud and siphoning off of investors’ money.
Sanjay was granted bail on humanitarian grounds after the court was informed that both his aged parents have tested positive for coronavirus and were seriously ill. However, the apex court refused to allow any such relief to Sanjay’s younger brother Ajay, also in jail on similar charges, Live Law reported. Both brothers had applied for bail, informing the court that their father, 78, was admitted in intensive care unit due to COVID-19 and related health complications, while their mother was also unwell.
Sanjay and Ajay were both managing director of the now beleaguered realestate firm Unitech Ltd, founded by their father Ramesh Chandra in 1971. The brothers were jailed after the company defaulted on giving possession of flats to its homebuyers on time, and after forensic audits of the company’s books last year showed that more than 50 percent of the money deposited by homebuyers and financial institutions had been siphoned off, which resulted in a delay in completion of projects, NDTV reported.
With inputs from PTI
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