Mumbai: Special court grants relief to Yash Birla in depositors cheating case

Mumbai: Special court grants relief to Yash Birla in depositors cheating case

The Economic Offences Wing (EOW) of the Mumbai Police had strongly opposed it and told the court that he is likely to pressurise depositors if given the relief and also being an important person in the field of commerce, may pressurise them and delay the trial.

Staff ReporterUpdated: Tuesday, April 26, 2022, 09:41 PM IST
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Industrialist Yash Birla gets relief in cheating case |

Industrialist Yash Birla’s temporary bail granted by a court in 2016 was made absolute by a special court on Monday, stating in its order that he had not breached any conditions of his bail in the past four years. The case concerns the cheating of depositors by Birla Power Solutions Ltd. to a tune of around Rs. 277 crores.

Birla had made an application for the bail relief to be made absolute. The Economic Offences Wing (EOW) of the Mumbai Police had strongly opposed it and told the court that he is likely to pressurise depositors if given the relief and also being an important person in the field of commerce, may pressurise them and delay the trial.

Special Judge under the Prevention of Money Laundering Act (PMLA) MG Deshpande stated in the order that there is nothing before the court to show that Birla has ever tried to tamper with the evidence, tried to vanish the documentary evidence or influence material prosecution witnesses or pressurise them to agree to a lesser amount.

There is absolutely nothing, it said, to show that he had breached any of the conditions of his bail in the four years he had been on temporary bail since Oct 2016.

Birla had never been arrested by the EOW and had appeared before the court after it took cognizance of the charge sheet and summoned the accused. He had been named in the supplementary charge sheet with seven others. The first charge sheet had been filed against the MD of the firm PVR Murthy who was arrested but later secured bail.

“Though EOW contended that the applicant had not cooperated with the investigation and had not responded to their correspondence, nothing had prevented them from exercising their power of arrest when they had exercised the same against PVR Murthy,” the court noted in its order.

Judge Deshpande added that no one is sure when the trial will begin and conclude and in that background taking him in judicial custody by rejecting the application is not justified.

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