Delhi court grants bail to Monty Chadha in cheating case

New Delhi: A Delhi Court on Monday granted bail to Wave Group vice-chairman Manpreet Singh (Monty) Chadha in connection with a cheating case.

Additional Sessions Judge (ASJ) Gulshan Kumar granted bail to Chadha, son of late liquor baron Ponty Chadha, and directed him to furnish two surety bonds of Rs 50,000 each.

The court in its order also stated that the businessman cannot travel abroad without seeking prior permission from it.

During the course of hearing, ASJ Kumar pulling up the Economic Offences Wing (EOW) and asked why no investigation took place between January 2018 and June 2019 into the claims of the investors, who alleged cheating at the hands of Chadha.

Senior advocate Vivek Tankha, Vikas Pahwa and Sumeer Sodhi appeared on behalf of Chadha.

The court was hearing the second bail plea filed by the Wave Group vice-chairman in connection with the cheating case against him.

On June 13, Metropolitan Magistrate Paras Dala rejected Chadha's bail plea and sent him to 14-days judicial custody.

Monty Chadha, vice-chairman of the Wave Group and director of Uppal-Chadha Hi-tech Developers Private Limited was arrested by the Economic Offences Wing while he was flying from India to Phuket via Singapore.

He was arrested for allegedly cheating investors to the tune of over Rs 100 crore.

According to the police, a Lookout Circular was issued against him earlier this year in connection with the case.