Mumbai, June 11: The special CBI court has ordered the removal of charges under the Prevention of Corruption Act in one of the cases registered by the agency against Nirav Modi, his firms and other directors for allegedly cheating Punjab National Bank of Rs 321.88 crore.
CBI moves to drop corruption charges
CBI prosecutor Vikram Singh on Thursday approached the court seeking to drop the charges under the Prevention of Corruption (PC) Act, stating, “The investigation has revealed that no case under the Prevention of Corruption Act is made out against any Punjab National Bank public servant, and now, the chargesheet is to be filed only against private persons.”
The prosecution further clarified that CBI is not prosecuting any unknown public servants and private persons under the Prevention of Corruption Act. With this, the agency pleaded that the case be transferred to a magistrate court, where they will submit a chargesheet in the case.
Court directs transfer to magistrate court
The court allowed CBI's plea and directed the registrar to transfer the case to a special CBI magistrate court.
The case pertains to the FIR registered on the complaint of Avneesh Nepalia, DGM, Punjab National Bank, against Modi, Ravi Shankar Gupta, Vipul Ambani and other directors, promoters and company officials of Firestar International Limited (FIL) and Firestar Diamonds International Private Limited (FDIPL) for allegedly cheating the bank to the tune of Rs 321.88 crore.
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It is alleged that the credit facilities given to the firms were not utilised for the purpose they were granted. The bank also alleged that during the internal inquiry the bank found circular transactions between Modi-promoted partnership firms, namely Solar Exports, Stellar Diamonds and Diamond R US, and Modi-promoted "Firestar group" of companies, namely Firestar International Ltd. (FIL) and Firestar Diamonds International Pvt Ltd (FDIPL).
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