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.