All you wanted to know about Ponty Chadha
This is all you wanted to know about Liquor baron Ponty Chadha.
The real name of Ponty Chadha, 55, was Gurpreet Chadha.
Ponty Chadha was born in a poor family in Moradabad, Uttar Pradesh. He used to sell snacks with his father, Kulwant Singh Chadha, in front of a country wine shop, the licence for which they later bagged.
He was close to both Bahujan Samaj Party (BSP) supremo Mayawati and the Samajwadi Party, which is presently ruling Uttar Pradesh.
The total worth of his businesses has been put at about Rs 8,000 crore.
He was the only liquor distributor in Uttar Pradesh and it was Mayawati who had given the distributorship. He had business interests in real estate, sugar mills and film production and his company was called the Wave Group.
He owns malls under Centrestage brand.
Chadha was allegedly awarded three sugar mills, which resulted in a huge Rs. 124.70 crore loss for the state.
The Wave Group had recently won the Delhi franchise in the much-hyped Hockey India League, making its foray into sports.
The Supreme Court had recently issued notice to the UP government on a petition filed by 94 farmers challenging the allotment of land to Ponty Chadha's realty project in Noida.
According to the petition, the Uttar Pradesh government was misusing its powers by acquiring land from them in 1976.
The Wave group had won the land last year through an auction for about Rs 6,500 crore.
The group's plan is to set up a Rs 10,000 crore integrated township 'Wave City Centre' at Noida.
Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali.
The Income Tax Department had in February raided about 20 properties belonging to Ponty Chaddha.
According to this report, in the much hyped raid at Chadha's Centrestage mall in Noida, the tax sleuths had managed to get two Rs 50 notes from a three-door vault that was hidden on the basement wall. The television channels had flashed the news of a hoard of Rs 100 crore, though.
Ponty Chadha rose to prominence in a very short span of about 10 years, giving rise to suspicion about the source of his wealth and political leanings.
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