Liquor baron Monty Chadha presented before local court for over Rs 100 cr fraud
Manpreet Singh Chadha alias Monty Chadha, son of liquor magnate Ponty Chadha was produced before a local court in New Delhi on Thursday after he was arrested from the Indira Gandhi International Airport by Economic Offences Wing (EOW) on Wednesday night. He has been arrested in connection with an alleged fraud of over Rs 100 crore and was leaving for Phuket in Thailand.
The Additional CP (EOW) Suvashis Choudhary said that a Look Out Circular (LOC) was issued against Monty several weeks ago after a case under sections 420 (cheating), 406 (criminal breach of trust) and 120B (criminal conspiracy) of the IPC was registered against him and their Wave Group in 2018, says a report.
Monty is the vice-chairman of the group and the director of Uppal-Chadha Hi-tech Developers Private Limited. Another case has also been registered against the baron and his promoters of Wave Group in another matter.
Before carrying out the operation, the airport’s security staff and immigration officers were alerted.
According to the FIR, Monty and associates did not deliver a hi-tech township in Ghaziabad’s NH24 with numerous facilities as promised. These projects included, Rosewood Enclave, Sunny Wood Enclave, Lime Wood Enclave and Chestwood Enclave and a township with houses, villas, a golf course, helipads, an international school and college, shopping malls, etc. The victims were at the receiving end for the past 11 years.
It may be recalled that Ponty Chanda and his younger brother, who were allegedly involved in a property dispute, were killed in a shootout at a farmhouse in South Delhi in December 2012.