Wave Group VC bail plea rejected, sent to judicial custody

A Delhi Court on Thursday rejected the bail plea of Manpreet Singh Chadha alias Monty Chadha, the Vice Chairman of the Wave Group, and sent him in judicial custody.

Duty Metropolitan Magistrate Paras Dalal also rejected Delhi Police's plea seeking Monty Chadha's three-day police custody.

Monty Chadha, son of Ponty Chadha, the liquor and real estate baron who was killed in a shootout six years ago, was presented before the court after he was arrested in connection with a Rs 100-crore fraud case.

The Economic Offences Wing (EOW) of the Delhi Police arrested Chadha on Wednesday at the national capital's Indira Gandhi International Airport while trying to escape to Thailand, Additional Commissioner of the EOW, Suvashish Chaudhary told IANS.

Before his arrest, the airport's security staff and immigration officers were alerted and Look a Out Circular (LOC) was issued against Chadha.

Chaudhary said the EOW had registered a case against Chadha and other promoters of Wave Group, adding that it was stated in the FIR that the group duped buyers of over Rs 100 crore and made wrongful gains for the company in the name of promising a hi-tech township project at NH-24.

--IANS

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