×
E-PAPER ▾

E-paper

TOP STORIES

PNB fraud: Nirav Modi's ex-director moves HC for quashing LOC

|
PNB fraud: Nirav Modi's ex-director moves HC for quashing LOC

A former director of diamantaire Nirav Modi's company today moved the Delhi High Court seeking quashing of a Look Out Circular (LOC) issued against him after lodging of an FIR by the CBI in the PNB fraud case.

The high court sought response of the CBI on the plea by Sanjay Rishi, an Overseas Citizen of India residing in the United States, seeking direction to the authorities to withdraw the LOC.

Justice Rajiv Shakdher issued notice to the CBI and SFIO, which is also conducting an investigation into the matter, and listed the matter for further hearing on July 25.

Rishi, president of American Express for South Asia, was appointed as a non-executive independent director of Nirav Modi's Firestar International Ltd on December 6, 2016 and he resigned from the post on February 7, this year. He said he did not take part in the day to day affairs of the company.

Senior advocate Siddharth Luthra, appearing for Rishi, submitted that an FIR was lodged on March 4 for the alleged offences of cheating, criminal conspiracy under the IPC and the provisions of the Corruption Act and when summonses were issued to him, he voluntarily came to India and joined the CBI investigation.

The counsel argued that Rishi was not being allowed to leave the country due to continuation of the LOC and his work was being hampered in the US.

The plea was opposed by CBI advocate Rajdipa Behura who said the investigation was going on and if Rishi is allowed to go to the US and he does not return, the probe will be stalled.

She said keeping in mind the magnitude of the offence, he cannot be allowed to leave the country as the probe was at an initial stage.

The CBI counsel also took a preliminary objection to the petition and said all the three FIRs in the matter were registered in Mumbai and the LOC was opened in Mumbai, so the appropriate court would be in Mumbai and not Delhi. She said the request to issue LOC was made to the Ministry of Home Affairs by an SP of CBI.

Rebutting the submission on jurisdiction issue, Rishi's counsel said he was detained at Delhi airport and the CBI director, who is the authorised person for issuing LOC, sits in Delhi so the jurisdiction is here.

  He said he was ready to cooperate in the investigation and would come to India as and when asked and he was not running away as his wife and parents reside here and he has two houses in Delhi and Gurgaon.

Rishi, in his plea, said he was detained at the IGI airport on his arrival on March 15 and was asked by the CBI to appear before it at Mumbai the next day.

He said details of the LOC have not been given to him, and due to the LOC, he has not been able to return to USA and such restrictions on his travel are wholly unwarranted and unjustified and in absolute violation of fundamental rights.

The March 4 FIR alleged that directors, chief finance officer and finance officer of Firestar International Ltd, Firestar Diamond International Pvt Ltd, other directors/ promoters, company officials and unknown public servants of Punjab National Bank entered into a criminal conspiracy, pursuant to which PNB, Mumbai was allegedly cheated to the tune of Rs 321.88 crore over the period 2013-17.

Billionaire Nirav Modi, his uncle Choksi and others are being investigated by multiple probe agencies after the scam came to light in January following a complaint by the PNB that they had allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

The ED has registered the money laundering case against Modi, his firms and others on the basis of a CBI FIR.

 
 
 
 
 

TOP STORIES

Sunday Edition

View All

Dabholkar murder case: Sharpshooter in CBI net

19 Aug 2018 | TN RAGHUNATHA | Mumbai

Five years after the renowned rationalist Narendra Dabholkar was shot dead by two unidentified gunmen in Pune, the CBI on Saturday arrested one of the sharp-shooters who allegedly pulled the trigger. Identiying the arrested person as one Sachin Prakashrao Andure from Aurangabad, a senior official said that Andure was one of the sharp-shooters who allegedly shot Dr Dabholkar...

Read More

STATE EDITIONS

View All

Ranchi girl wins Int’l beauty contest

19 Aug 2018 | PNS | Ranchi

Yet another girl from the Capital City Khushboo Vijay became the winner of Miss India International Global 2018 and will be representing India next year in Malaysia 2019 for World Finale. The event was held in Guwahati on August 2018...

Read More

Page generated in 0.5244 seconds.