An important legal development has come to light in the Nirav Modi case related to the alleged fraud of Rs 321.88 crore from Punjab National Bank (PNB). Mumbai’s special CBI court has ordered the transfer of the FIR and related documents of the case to the Chief Metropolitan Magistrate (CMM) court at Esplanade.
CBI told the court that during the investigation no concrete evidence was found against any PNB official under the Prevention of Corruption Act. Due to this, now the agency will file charge sheets only against private persons under sections of the Indian Penal Code (IPC). Special CBI Judge Dr. J.P. Accepting the application, Darekar directed to send the FIR and related records to the Esplanade court.
Know under which sections the case was registered
Let us tell you that this case was registered against Nirav Modi, Ravi Shankar Gupta, Vipul Ambani and other accused associated with Firestar group companies. The bank’s investigation found suspicious transactions between Solar Exports, Stellar Diamonds, Diamonds R US, Firestar International and Firestar Diamonds. Initially, a case was registered against the accused under sections 120-B, 420 of the IPC and section 13(2) of the Prevention of Corruption Act.
Now after the charges of corruption have been dropped, only the charges of fraud and conspiracy are left. According to CBI, now further hearing of this case and cognizance of the charge sheet will be taken in the magistrate court.
CBI said in the court – no evidence was found
Earlier on Thursday, CBI told the court that in the detailed investigation conducted under the ‘Prevention of Corruption Act’, no incriminating evidence has been found against PNB officials or private persons. Public Prosecutor Vikram Singh, appearing for CBI, said that the charge sheet will be filed only against private persons. Therefore, this case is outside the jurisdiction of the Special CBI Court and it should be transferred to the Magistrate Court. Special Judge JP Darekar accepted this argument of the investigating agency.
Nirav Modi is lodged in London jail
Fugitive diamond merchant Nirav Modi and his uncle Mehul Choksi are considered the main accused in the bank fraud case worth several thousand crores. This case is being investigated by both CBI and Enforcement Directorate (ED). The accused are accused of embezzlement of government funds worth more than Rs 13,000 crore. The extradition proceedings of Mehul Choksi are going on in the Belgian court, while Nirav Modi is lodged in a London jail.
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