Mumbai: A city court on Monday granted bail to a former senior executive Subhash Parab of fugitive diamantaire Nirav Modi’s company, also said to be his 'close confidante' stating that no purpose would be served in keeping him behind bars.
Parab was arrested by the Central Bureau of Investigation (CBI) in April last year and has been in custody since then. He was an executive of Firestar International Pvt. Ltd.
CBI had claimed Parab was absconding
The CBI had claimed he was absconding and was brought to India from Cairo. He had allegedly left India the same day as the fugitive jeweller immediately as the scam broke out in public to evade the process of law.
The agency had alleged that he was a close confidante of the jeweller, was directly reporting to him and had knowledge of his fraudulent activities. Parab was said to be looking after the banking related activities of three of the diamantaire's firms and it was under his instructions that applications for the issuance of the fraudulent LoU's were prepared. The agency had also told the court that he was instrumental in handling many dummy companies of the businessman.
Other accused granted bail: Parab's lawyer
Seeking bail, his advocate had argued that he has been in jail for 10 months and it is not likely that the trial will commence as some of the accused are still absconding. The lawyer also pointed out that some of the co-accused have been granted bail by the Bombay High Court. The CBI had opposed bail to the former executive.
Special CBI Judge SM Menjoge said in the detailed bail order made available on Wednesday that prima facie Parab was an employee of the company but not an authorized signatory. It said that he was returning to India after work in Dubai when he was arrested. The court said further that the CBI has cited more than 150 witnesses, co-accused are released on bail and nothing is required to be seized from him. Judge Menjoge further said that no purpose will be served by keeping him behind bars and that he is entitled for bail.
