Mumbai, August 25, 2026: The special CBI court has rejected a plea filed by the wife of former Punjab National Bank (PNB) deputy manager Gokulnath Shetty, Ashalatha, for discharge in a disproportionate assets case registered against them after Shetty’s arrest in the PNB fraud case linked to Nirav Modi and Mehul Choksi.
The court, while rejecting her plea, said that she had acquired disproportionate properties worth crores of rupees, as alleged in the charge-sheet. There is ample evidence and sufficient grounds to frame the charge against her.
Advocate Sandeep Karnik for Ashalatha contended that the accused, being a clerk, is not bound to submit and declare her properties to her department/bank. Her husband, accused No. 1, had given her name while purchasing the alleged flats, and it does not mean that she had amassed disproportionate assets. There is no sufficient evidence against her to frame the charge and hence she may be discharged.
The plea, however, was opposed by CBI prosecutor Manphool Bishnoi, who said that both husband and wife are public servants. They have purchased properties in their joint names and the funds were transferred from their respective accounts. Accused No. 2 (Ashalatha) had not expended her salary and the same is lying in her account.
CBI Alleges Disproportionate Assets
“Her approximate income during the check period is around Rs 48 lakhs, but she has purchased the properties of more than Rs 88 lakhs. Hence, prima facie she has acquired disproportionate properties of Rs 40 lakhs during the check period (April 1, 2011 to May 31, 2017). Even her income from salary was Rs 22.60 lakhs, but she has earned Rs 40 lakhs. Hence, Rs 17.40 lakhs is the disproportionate assets,” Bishnoi argued.
The court, however, in its order has said that they have amassed properties to the tune of approximately Rs 2.63 crores, which are 238.44 per cent disproportionate to their known source of income. During further investigation, both the accused were found in possession of assets to the tune of Rs 4.28 crores, which is 590.83 per cent disproportionate to their own source of income.
The court has further noted that both the accused had purchased three flats in Malad, Panvel and Thane. They have paid Rs 15.78 lakhs for a flat at Panvel, Rs 11 lakhs for the purchase of a flat at Thane and Rs 3.01 crores for a flat at Malad.
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Court Notes Property Purchases
The court further said, “The said amount in lakhs and crores was paid by both the accused from their own accounts. Even though, the sale of these flats is not completed as both accused have failed to make the further payment but the CBI has shown the said amount as expenses in their respective statements. Accused No. 2 is a public servant but still has not informed to her bank/department about the booking of flats by her and payment in lakhs and crores of rupees which is more than her known source of income.”
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