In another case of defrauding Punjab National Bank (PNB), the former deputy manager of the bank’s Brady House branch Gokulnath Shetty was denied bail by a special court on Tuesday.
Shetty is also an accused in the multi-crore scam concerning PNB in which fugitive diamantaire Nirav Modi and Mehul Choksi were involved. The present case concerns a similar modus operandi allegedly used by the bank officials to favour Chandri Paper and Allied Products Pvt. Ltd where the bank was defrauded to the tune of around Rs. 9 crores.
The former banker had claimed bail on the grounds that he was arrested in the case in January 2019, and has since been in custody for 40 months. He claimed parity with other co-accused persons who had gotten bail.
The special court said in its order while denying him relief that the present case relates to a huge economic offence where he allegedly played a prime role.
A special court headed by Judge AS Sayyad said that prima facie there is clinching material to show his active complicity in the alleged offence. The court said that looking into the totality of facts and circumstances, him being behind bars for over 40 months and the charge sheet being filed, cannot become a ground for him to seek parity.
It noted further that the record and proceedings show that he is shown as the kingpin and has defrauded the bank of huge amounts in multiple crores.
The CBI had opposed Shetty’s plea and told the court that more cases like the present one are pending against him and that his criminal antecedents are not clear.
It was also argued that him being the main accused in the case, the ground of parity with other accused is not applicable to him.
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