It was the prosecution’s case that Chandrashekhar and his alleged girlfriend had floated a bogus company which launched various investment schemes. The duo allegedly amassed ₹19 crore through the Ponzi scheme.
After his arrest in May 2015, Chandrashekhar approached the Bombay High Court for bail, which rejected the same. He then moved the Supreme Court, which granted him bail on certain conditions, and ordered his release in September 2016. However, since he failed to meet the conditions, the apex court cancelled his bail, as a result of which he was arrested again in April 2017.
In 2020, the designated court under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 [MPID Act] refused to grant him bail, prompting the present appeal before the High Court.
Source: Barandbench
