Deepak Teckchandani, 48, a Bandra-based businessman, had filed a cheque-bouncing case against the developer Niraj Kakad
Niraj Kakad
Prominent city-based developer Niraj Kakad was arrested, and later released on bail, in connection with an alleged cheque-bouncing case. According to complainant Deepak Teckchandani, Kakad was arrested on February 8 and produced before a holiday court. Kakad applied for bail, but was rejected. On Monday, he was produced before the regular court, which granted him bail.
'Dishonoured commitments'
Teckchandani, 48, a Bandra-based businessman, had filed a cheque-bouncing case against the developer. He claimed he had loaned Kakad Rs 1 crore. "Kakad promised to pay interest on quarterly basis. I received two installments. But later he dishonoured his commitments," Teckchandani told mid-day.
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In 2015, the complainant had invested Rs 1 crore with the developer. The developer had agreed to pay monthly interest of one per cent on the total amount. He even issued post-dated cheques to Teckchandani as guarantee against the amount.
Also Read: Mumbai: Tough times ahead for real estate developers
But with no sign of getting the money back, in Feburary 2018, Teckchandani filed a case in court. It was heard by a Bandra court. But Kakad failed to turn up. "The court issued a bailable warrant for him. But still Kakad did not turn up. Finally, the court issued a non-bailable warrant," Teckchandani added.
'A conspiracy'
When contacted, Kakad refuted all the charges and claimed it was a strategy to malign him and his company, Niraj Kakad Constructions. "The cheques were undated. Also, the cheques bear a stamp saying 'only for security'.
They were given as security to the broker. Now, they are being misused to extort more interest. Some conspirators, including this complainant, are part of a WhatsApp group formed to conspire against me. I have evidence of the conspiracy, and am in the process of taking legal action against them."
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