Supreme Construction’s director gets bail in PMLA case, ET RealEstate

May 17, 2025 Clicktoprints

MUMBAI: A special court here has granted bail to a builder in a Rs 423 crore scam in which more than 1000 home buyers were allegedly cheated. The court granted bail to Lalit Shyam Tekchandani, who is in jail since March 2024, by observing that prolonged incarceration amounts to infringement of his fundamental right.

Tekchandani had sought bail on the ground of delay in commencement of trial. The case is at the stage of framing charges. Special judge for cases under Prevention of Money Laundering Act (PMLA) A C Daga allowed his bail plea on May 15.

The court, in its order, noted that during the hearing of the bail plea, the special public prosecutor (representing Enforcement Directorate) tendered a draft charge and has requested for framing of charge and proceeding further with the trial under PMLA.

But the fact remains that no intimation has been filed on record by ED intimating this court that the investigation has been completed in all respects and it does not intend to file any supplementary complaint, the court said.

“It appears that at the time of hearing of the bail application, the draft charge was given only with an intention to see that the applicant should not be released on bail on the ground of delay in proceeding further with the trial,” the court held.

It said that there is no possibility of completion of trial in the near future. “In case the incarceration of the applicant/accused continues, it will amount to infringement of his fundamental right under Article 21 of the Constitution of India,” the special judge added.

The accused is director of Supreme Construction and Developers Private Limited. The ED claimed that in 2008-2009, the firm purchased 56980 square metres of land at Taloja in Navi Mumbai to develop a residential project under the Rental Housing Scheme floated by the Maharashtra government.

He started developing the said property and in turn Supreme Construction and Developers collected an amount of Rs 423 crore approximately from prospective flat buyers, the ED claimed. The possession of flats was to be given in 2016 but has not been done as yet, the ED said.

The ED said more than 1000 people who have booked their flats have been defrauded by the accused, adding the amount collected by the company is the proceeds of crime.