Master conman, who cheated 500 Mumbaikars of Rs 19 crore, set free

Shekhar Chandrashekhar can be likened to Bernie Madoff in the US, who ran a $50 billion ponzi scheme, before being caught in the 2009 meltdown

He's no Bernie Madoff, but conman Shekhar Chandrashekhar cheated nearly 500 Mumbaikars of Rs 19 crore by running ponzi schemes. In April, he even duped the Bombay High Court by attempting to stall a property auction by using his master impersonation skills. And his reward for all the havoc he wreaked? Around a fortnight ago, he walked out of jail after being granted bail by a Sessions court.

A senior officer from Chennai police on Sunday confirmed to mid-day that Chandrashekhar had indeed been granted bail and was out of jail. However, he has been directed by the court to be present before the investigators as and when required, the officer said.

EOW officers worried
However, officials of the Mumbai Economic Offence Wing (EOW), who last June arrested Shekhar, along with his girlfriend, Madras Café actress Leena Paul, and Irfan Jaipuri, nephew of legendary Bollywood lyricist Hasrat Jaipuri, are now worried that like the previous instances where he used his skills to violate bail conditions and jump bail, they will have to start the hunt for him from ground zero.

History of vanishing
In April 2016, the Supreme Court granted bail to Chandrashkhar in the EOW's MPID case - where he duped 500 people of R19 crore by luring them to invest in Lion Oak India by posing as a Member of Parliament (MP) from Bengaluru - on the condition that he would repay investors R3 crore in the first month after release and the pending Rs 16 crore within three months after (Order copy available with mid-day).

Also Read: SC orders Ponzi scheme operator to return Rs 19 crore to investors in four months

"How will Chandrashekhar, who has nearly 19 cheating and other criminal cases against him in Tamil Nadu, Karnataka and Delhi, be able to generate such a huge amount? This is his old modus operandi. First, he secures bail in cheating cases, then after his release, cuts off all old ties and dupes people afresh in a different city," said an official from the Mumbai EOW, who was part of the investigation team probing the ponzi scheme.

In May 2016, Chandrashekhar was arrested by the Azad Maidan police after cops discovered that while he was admitted to the Rajawadi Hospital instead of being lodged in the Arthur Road Jail, he impersonated AK Sharma, secretary of cabinet minister of law Sadanand Gowda, and called the High Court receiver to influence him to stall a proceeding against a businessman. Meanwhile, he was also rearrested by the Chennai police and taken to Chennai in connection with an old case where he had allegedly flouted norms laid down by the Chennai High Court while granting him bail in a similar cheating matter.

Read Story: Mumbai: Master conman slapped with 18th FIR after he tries to dupe high court

This time, Shekhar hired a top advocate in Chennai and managed to get bail from a Sessions court. "Shekhar came out of the Chennai prison on September 10. Now, as per the SC conditions set at the time of granting him bail in April, he is bound to repay Rs 3 crore to Mumbai's duped investors. If he doesn't pay, EOW officials will approach the court seeking cancellation of his bail," an EOW official told mid-day.