PNB Fraud case: Retired bank official Gokulnath Shetty gets bail in ED case
Shetty, a retired deputy manager of PNB, was arrested in 2018 by the CBI and then the ED in multiple cases linked to the Rs 13,500 crore fraud allegedly involving Choksi and his nephew Nirav Modi. He will continue to remain in jail as other cases are pending against him.
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At the time of his arrest in 2018, the ED had claimed that Shetty had misused his official position as a public servant of PNB to ‘cause undue pecuniary advantage’ to the accused, causing losses to the bank.A special court on Tuesday granted bail to retired Punjab National Bank (PNB) officer Gokulnath Shetty in connection with a case filed by the Enforcement Directorate (ED) against Mehul Choksi and others in 2018.
Shetty, a retired deputy manager of PNB, was arrested in 2018 by the CBI and then the ED in multiple cases linked to the Rs 13,500 crore fraud allegedly involving Choksi and his nephew Nirav Modi. He will continue to remain in jail as other cases are pending against him.
Special Judge S M Menjoge granted Shetty bail in the case filed under the Prevention of Money Laundering Act in 2018. The court granted him bail with conditions including that he will not pressure witnesses or leave the country without its permission.
At the time of his arrest in 2018, the ED had claimed that Shetty had misused his official position as a public servant of PNB to ‘cause undue pecuniary advantage’ to the accused, causing losses to the bank.
It was alleged that Choksi’s companies were issued fraudulent Letters of Undertaking in 2017 without following the procedure laid down by the bank. The CBI had begun a probe in the case after receiving a complaint from the PNB about losses caused to it and subsequently, the ED also filed a complaint.
While seeking bail, Shetty had argued that he was not arrested in this particular case earlier and even if granted bail, he will continue to remain in jail in the other cases.
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