Home Nation News CBI Look Out Circular Against Ex-CFO of Nirav Modi’s Company Dropped

CBI Look Out Circular Against Ex-CFO of Nirav Modi’s Company Dropped

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CBI Look Out Circular Against Ex-CFO of Nirav Modi’s Company Dropped

Last Updated: January 24, 2023, 16:23 IST

Fugitive Indian diamond merchant Nirav Modi is involved in one of the biggest banking frauds in India, the PNB scam case of 2018. (Image: ANI/File)

Fugitive Indian diamond service provider Nirav Modi is concerned in a single of the largest banking frauds in India, the PNB rip-off case of 2018. (Image: ANI/File)

Seeking the cancellation of the look out round (LOC), the 53-year-old Noida-based govt stated the character of his job entails travelling exterior India, however he’s unable to undertake worldwide journey as a result of of the round

A Mumbai particular courtroom has quashed a glance out round issued by CBI towards the previous chief monetary officer of Nirav Modi’s Firestar International Ltd firm which is accused within the Rs 6,498 crore rip-off pulled off by the absconding diamantaire, officers stated on Tuesday.

The courtroom agreed with the submission of Ravi Shankar Gupta that he’s extremely certified and is required to journey exterior the nation as he’s the chief director of a multinational firm. Gupta had stated that he had appeared 31 occasions earlier than the Central Bureau of Investigation (CBI) for questioning.

Seeking the cancellation of the look out round (LOC), the 53-year-old Noida-based govt stated the character of his job entails travelling exterior India, however he’s unable to undertake worldwide journey as a result of of the round.

The CBI, nevertheless, strongly opposed the plea, saying Gupta was dealing with the finance of Nirav Modi’s firm which had siphoned off Rs 6,498.20 crore from the state-run Punjab National Bank (PNB) utilizing 150 fraudulent Letters of Undertaking. It stated if the LOC is dropped, Gupta could flee the nation like different accused and will not be accessible for additional investigation.

The particular courtroom famous that Gupta was neither an accused nor a witness within the case, and had attended the workplace of the investigation officer over 30 occasions in reference to the matter.

“If the LOC issued towards the applicant will not be cancelled or recalled, it might hamper his profession,” the court noted as it quashed the circular.

The court, however, directed Gupta not to leave the country without its permission.

Nirav Modi and his uncle Mehul Choksi are accused of duping PNB, a public sector bank, of Rs 13,000 crore using Letters of Undertaking (LoUs) and foreign letters of credit (FLCs) by bribing its officials at the Brady House branch in Mumbai.

While Modi is contesting his extradition from the United Kingdom where the British authorities arrested him, his uncle Choksi is safely cocooned in Antigua and Barbuda where he had taken citizenship.

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(This story has not been edited by News18 employees and is printed from a syndicated information company feed)

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