The Apex Court today agreed to hear on Friday a plea seeking a special investigation team probe and other reliefs in the over Rs 11,000-crore Punjab National Bank fraud.
Two separate petitions were lodged before the apex court yesterday seeking its guidance to the Centre to initiate the process of deportation of Nirav Modi, who is abroad, and others allegedly involved in the case as soon as possible, preferably within two months.
One of the petitions was mentioned today before a bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud. The bench posted the matter for hearing on Feb. 23.
The public interest litigation, filed by petitioner Vineet Dhanda through advocate JP Dhanda, has looked for setting up of an SIT to probe the banking fraud, allegedly involving billionaire Jewellers Nirav Modi and Mehul Choksi.
It also looked for a probe into the role of the top management of PNB.
The other plea, filed by advocate ML Sharma, had stated that the SIT should consist of retired judges of the apex court while claiming that the banking fraud has done severe harm to the general public and the state’s treasury.
It should be investigated not by an agency “being manipulated by the political leaders/agencies,” Sharma’s petition had alleged.
The plea has alleged that loans were brought out in the case without following the Reserve Bank of India’s financial rules and even systems.
The plea by Dhanda has sought the court’s instruction to the Finance Ministry to prepare guidelines for the concession of a higher amount of loans of Rs 10 crore and above to ensure safety and its retrieval.
It has also sought a directive for the formation of a commission of experts who would discover the details of bad debt cases in the state.
The CBI has already recorded two first information reports—one on Jan. 31 and another a few days ago—against Modi, his uncle Mehul Choksi of Gitanjali Gems and others for allegedly defrauding the PNB of about Rs 11,400 crore.
Report By: Tushar Solanki, Co-Convener, INBA