MUMBAI: A special CBI court has granted bail to Dhanesh Sheth, a senior aide of absconding jeweler Mehul Choksi, in an alleged Rs 13,000-crore scam. Punjab National Bank (GNP)
Judge VC Barde granted bail on Monday, but the detailed order became available on Tuesday.
Sheth was named as an accused in the supplementary charge sheet filed by central bureau In the case earlier this year.
After taking cognizance of the charge sheet, he appeared on Monday as directed by the court and applied for bail.
His lawyer Vijay Aggarwal argued that there was no evidence against his client, which is why he was not shown as an accused earlier, and even now the agency has not found any evidence against him.
The lawyer said that Sheth complied with the summons of the court and duly appeared.
Public prosecutor A Limousine opposed the bail plea, saying the alleged offense was of “serious nature”.
The prosecutor said he was not entitled to bail only because the CBI had not arrested him earlier.
However, the court observed that the presence of the accused person was not clearly required for further investigation. While granting bail to Sheth, it was noted that he was not accused of absconding or tampering with evidence or threatening witnesses.
Sheth was the director of Gili and Nakshtra brand, part Geetanjali Group Of Companies Promoted by Choksi. The group is accused of fraud to the tune of over Rs 7,080 crore.
Choksi and his nephew Nirav Modi allegedly siphoned off a total of over Rs 13,000 crore from public sector bank PNB by obtaining letters of undertaking (LoUs). LoU is a guarantee for an individual/firm to obtain a loan from an overseas branch of an Indian bank.
Judge VC Barde granted bail on Monday, but the detailed order became available on Tuesday.
Sheth was named as an accused in the supplementary charge sheet filed by central bureau In the case earlier this year.
After taking cognizance of the charge sheet, he appeared on Monday as directed by the court and applied for bail.
His lawyer Vijay Aggarwal argued that there was no evidence against his client, which is why he was not shown as an accused earlier, and even now the agency has not found any evidence against him.
The lawyer said that Sheth complied with the summons of the court and duly appeared.
Public prosecutor A Limousine opposed the bail plea, saying the alleged offense was of “serious nature”.
The prosecutor said he was not entitled to bail only because the CBI had not arrested him earlier.
However, the court observed that the presence of the accused person was not clearly required for further investigation. While granting bail to Sheth, it was noted that he was not accused of absconding or tampering with evidence or threatening witnesses.
Sheth was the director of Gili and Nakshtra brand, part Geetanjali Group Of Companies Promoted by Choksi. The group is accused of fraud to the tune of over Rs 7,080 crore.
Choksi and his nephew Nirav Modi allegedly siphoned off a total of over Rs 13,000 crore from public sector bank PNB by obtaining letters of undertaking (LoUs). LoU is a guarantee for an individual/firm to obtain a loan from an overseas branch of an Indian bank.
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