In the ongoing legal proceedings related to the Punjab National Bank (PNB) scam, a special court has granted permission to the Central Bureau of Investigation (CBI) to separate the trial of fugitive diamantaire Nirav Modi and his brother Neeshal Modi from two other accused individuals.
Nirav Modi is currently facing extradition proceedings in the United Kingdom, while Neeshal Modi holds Belgian citizenship. The two other accused in the case, Hemant Bhatt, an authorized signatory of Modi's firms, and former PNB Deputy Manager Gokulnath Shetty, have been in CBI custody for over five years.
The CBI Special Public Prosecutor A. Limosin submitted a plea to the Special CBI Court, highlighting that after completing the investigation, a charge sheet was filed against 25 people in May 2018, followed by the naming of 30 accused in a supplementary charge sheet. However, the Modi brothers have been unavailable throughout the probe, leading to non-bailable warrants being issued against them.
Given the uncertainty and potential delay in Nirav Modi's extradition process, the CBI sought the separation of the trial for the Modi brothers from the other two accused individuals. The extradition of Nirav Modi is currently underway, while Neeshal Modi's immediate return is considered unlikely as he is a Belgian citizen.
Observing that “speedy trial is the right of any accused and they cannot keep languishing in jail without trial,” the Special Judge Menjoge has permitted the CBI to try the duo of Shetty and Bhatt separately.
The Modi brothers, along with other individuals including family members and bank officials, are implicated in the high-profile Punjab National Bank (PNB) fraud amounting to over Rs 14,000 crore that came to light in January 2018. The case had a significant impact on the banking industry.
Nirav Modi and others managed to flee the country in the days leading up to the PNB admitting to the fraud, thwarting efforts by the Central Bureau of Investigation (CBI) and other agencies to apprehend them. Subsequently, the Enforcement Directorate also joined the investigation.
In December 2019, Nirav Modi was declared a fugitive economic offender, facing charges of money laundering. Authorities seized several of his properties and assets, with some of them being sold off in an attempt to recover a portion of the substantial dues owed to the banks. The legal proceedings have continued as the government seeks to bring those involved in the PNB scam to justice.
(With Agency Inputs)
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