Mumbai: Special Court Raps CBI For Not Returning ₹50,000 For A Decade, Directs Exchange Via RBI

Mumbai: A special CBI court pulled up the agency for failing to return Rs50,000 seized from the applicant Peres Pezarkar during a 2014 corruption probe, with Special Judge VP Desai calling the nearly 10year delay “unacceptable” and noting that “CBI has slept over the matter for almost ten years.”

Cleared Accused Still Awaiting Return of Seized Cash

Pezarkar, booked in 2014, had his home searched in September that year, when the agency seized the cash. He was exonerated in November 2015 due to insufficient evidence, and the court at the time directed the CBI to return all seized articles. The money, however, was never handed back.

In his application, Pezarkar argued that the agency’s failure to return the amount, or deposit it with the RBI, was deliberate, and sought 18% interest on the sum until November 2025. He said the continued noncompliance amounted to disobedience of lawful court orders.

The court noted that once the CBI concluded it lacked material to proceed against Pezarkar, it should have complied with the 2015 order without delay. It further pointed out that even during the two-month window after the November 8, 2016, demonetisation announcement, the investigating officer made no effort to contact Pezarkar or return the cash.

CBI Can Deposit Old Notes; Must Return Value to Pezarkar

The CBI has now requested permission to deposit the seized amount with the RBI. The court said there was “no hitch” in allowing this, but stressed that the agency must ensure Pezarkar receives new currency equivalent to the amount once the old notes are deposited.

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