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Tuesday, July 17, 2018

PNB fraud: Sec 409 for criminal breach of trust added to FIR

According to the CBI, Shetty as deputy manager of the Brady House branch of PNB issued the LoUs fraudulently during the period 2016-17 for the benefit of absconding accused Modi and his companies.

By: Express News Service | Mumbai | Published: March 15, 2018 2:52:53 am
Punjab National Bank fraud A special court allowed the CBI to add section 409 IPC for criminal breach of trust by a public servant claiming that 150 LoUs were issued by PNB official Gokulnath Shetty to Nirav Modi’s companies.

A SPECIAL court Wednesday allowed the CBI to add section 409 of the Indian Penal Code (IPC) for criminal breach of trust by a public servant claiming that 150 Letters of Understanding (LoUs) were issued by Punjab National Bank official Gokulnath Shetty to Nirav Modi’s companies. The CBI had on Tuesday sought adding the section in the FIR against Modi’s uncle Mehul Choksi as well.

According to the CBI, Shetty as deputy manager of the Brady House branch of PNB issued the LoUs fraudulently during the period 2016-17 for the benefit of absconding accused Modi and his companies. It claimed that by doing this, Shetty as a banker committed criminal breach of trust… in ‘blatant violation’ of prescribed guidelines of PNB and the Reserve Bank of India. “The aforesaid criminal acts of Gokulnath Shetty…prima facie disclose commission of offence punishable under section 409 of the Indian Penal Code, along with other offences,” the CBI plea said.

Along with criminal conspiracy, cheating and other sections of the Prevention of Corruption Act, the accused will face charges under the additional charge as well. Special Judge SR Tamboli granted permission for the section to be added. Meanwhile, the court has extended the judicial custody of Internal Chief Auditor (Retd) Bishnubrata Mishra till March 28.

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