Managing Director of Telenor’s India partner Unitech, Sanjay Chandra (C) leaves a court in New Delhi April 13, 2011. An Indian court on Wednesday put on trial the first set of officials and businessmen indicted in the country’s biggest corruption case, a multi-billion dollar telecoms scandal that has weakened the government and put off some foreign investors. REUTERS/Adnan Abidi (INDIA – Tags: CRIME LAW BUSINESS) – RTR2L5WG
NEW DELHI: Unitech managing directors Sanjay Chandra and Ajay Chandra got bail by a Gurgaon court, four days after they were taken into custody by Gurugram police under a production warrant, according to a Hindustan Times report.
The accused were allowed to appear in the court as the police got all the information and papers required for its investigation.
The managing directors were sent to five days of police custody by a local court in Gurugram on April 10, in a case related to cheating and fraud in a fixed deposit (FD) scheme floated by the company. This was just after the Chandras had got three-month interim bail from a Delhi court in a different case, related to a Gurgaon-based real estate project.
According to media reports, the real estate company had floated a fixed deposit scheme in 2012 and raised Rs 600 crore from around 55,000 people who fell for the 12% return promised. This was in complete violation of all norms as only banks, NBFCs, housing finance companies and a few others can offer FDs with RBI’s permission.
Source : http://realty.economictimes.indiatimes.com/news/regulatory/unitech-mds-sanjay-ajay-chandra-get-bail/58189235