Lad gets bail after paying Rs 7.75 cr

The order came after Lad submitted two bank drafts of Rs 7.75 crore to the representatives of Dubai-based Emaar MGF group, the complainant company.

Additional Chief Metropolitan Magistrate (ACMM) Ajay Pandey ordered the release of Lad on interim bail till July 14  after furnishing a bond of Rs 1 lakh and a surety of an equal amount in the court room.

The Economic Offence Wing (EOW) of Delhi Police, which arrested Lad from Mumbai airport and brought him to Delhi for investigation, did not oppose his bail plea.

However, the court ordered the police to release his passport and directed him to cooperate in the investigation.

Lad and his advocate told the court that an agreement has been reached between Lad and Emaar MGF Group and he had brought Rs 7.75 crore in two bank drafts for payment to the representatives of the company.

Rakesh Malhotra, Executive President, and Harbinder Gulati, Senior Manager (Legal), of the Dubai-based construction company submitted that an advance of Rs 7.5 crore was paid to Lad two years back to purchase land in Bangalore for developing some project.

Lad had refused to return the money when it was found out that the land could not be converted to residential use from agriculture use for the past two years, said the officials of the construction company.

Lad assisted by his advocate argued that he had never refused to return the money and he had been trying to convert the land use. He and his office people were in constant touch with the construction company and there was no need to arrest him, Lad told the court.

The EOW had only sent him notice to join the investigation and did not specify the reason, he said.

Lad said his reputation had been tarnished because of the arrest. “I have been branded a cheater (cheat). I am a second term MLA. I was the youngest MLA during my last term in Karnataka Assembly. I know who is behind this move,’’ he told the court.

Lad, a mine owner representing Kalghatgi Assembly constituency in Dharwad, belongs to the Congress party.

The bank drafts, which were submitted to the construction company, had some spelling mistakes and after their encashment, Lad would be released on regular bail after Emaar MGF group informed the court on payment of the dues.

Lad was detained at Mumbai airport on Thursday while he was leaving for London. There was a look-out notice against him, issued by the Delhi police in connection with the case registered by the EOW.