A former director of diamantaire Nirav Modi’s company moved the Delhi High Court on Tuesday, seeking to quash a Look Out Circular (LOC) issued against him after the lodging of an FIR by the CBI in the PNB fraud case.
Justice Rajiv Shakdher sought response of the CBI on the plea by Sanjay Rishi, an Overseas Citizen of India residing in the United States, seeking direction to the authorities to withdraw the LOC.
Rishi, president of American Express for South Asia, was appointed as a non-executive independent director of Nirav Modi’s Firestar International Ltd on December 6, 2016, and he had resigned from the post on February 7 this year. He said he had not taken part in the day-to-day affairs of the company.
The plea was opposed by CBI advocate Rajdipa Behura, who said the investigation was in progress and if Rishi was allowed to go to the US and if he did not return, the probe would be stalled. The CBI said keeping in mind the magnitude of the offence, he could not be allowed to leave the country as the probe was at an initial stage.
Rishi, in his plea, said he was detained at the IGI airport on his arrival on March 15 and was asked by the CBI to appear before it in Mumbai the next day.
The March 4 FIR alleged that directors, chief finance officer and finance officer of Firestar International Ltd, Firestar Diamond International Pvt Ltd, other directors/ promoters, company officials and unknown public servants of Punjab National Bank entered into a criminal conspiracy, pursuant to which PNB, Mumbai, was allegedly cheated to the tune of Rs 321.88 crore over the period 2013-17.