PNB scam: Mumbai court grants bail to Dhanesh Sheth, close aide of Mehul Choksi

A trial court here has granted bail to Dhanesh Vrajlal Sheth the managing director of three firms accused in the multicrore Punjab National Bank PNB fraud case and a close aide of fugitive businessman Mehul ChoksiSheths lawyer Vijay Aggarwal argued during the case hearing on Monday that the Central Bureau of Investigation CBI was trying to fire from the shoulder of the judgeHe said that in this matter a supplementary charge sheet was filed by the CBI summons were issued by the court and cognizance was taken on June 15 this yearHe argued that summons were also issued by the court to Sheth managing director of Nakshatra Brands Ltd and pursuant to such summons he appeared and filed bail application before the courtAggarwal vehemently argued that the investigation was completed in the present case and a charge sheet has been filed without the arrest of the accused person which depicts that there was no need for custodial interrogation of ShethAggarwal also brought light to the fact that a company cannot be represented till an application under section 305 CrPc is not filedHe emphasised that it has been three years since the accused persons have not been arrested and now the CBI is trying to fire from the shoulder of the judgeAggarwal said that the judge granted bail to the accused person on a surety of Rs one lakhThis comes forth as another relief to the accused as Nitin Prem Shahi Assistant Finance executive of Gitanjali Gems Ltd and Aniyath Shivraman Nair AGM Gitanjali Jewels were also accused of being actively involved along with the main accused in getting LOUs issued from PNB without having sanctions They were granted bail in 2018 while Choksi continues to be in custody in DominicaLast month the CBI in its supplementary charge sheet in the PNB scam charged Choksi with criminal conspiracy destruction of evidence and cheatingChoksi is currently in the custody of the Dominican Police on charges of illegal entry into the Caribbean nation He was granted bail by Dominica HC on Monday on medical groundsThe CBI charge sheet also revealed that Choksi had told his associates that they might get into trouble with the Enforcement Directorate EDThis was two months before he fled India in January 2018 months before a case was registered against him and his nephew Nirav ModiIt further stated that Choksi conspired with employees of the PNB for the issuance of 165 LoUs Letters of Undertaking and not 142 LoUs as alleged by the bank in its complaint says the charge sheetThe CBI charge sheet claimed that none of these LoUs were ever entered into the banks core system since bank employees were bribed by Choksi and his associatesThe CBI also found that 347 FLCs foreign letters of credit were issued to overseas banks on behalf of Mehul Choksis firms between 2014 and 2016The charge sheet pointed out that 88 of these FLCs were issued in 2014 followed by another 143 in 2015 and 116 in 2016The FLCs were issued in favour of Choksis firms Gili India Ltd Gitanjali Exports Corporation Ltd Nakshatra Brands Ltd and Asmi Jewellery India LtdThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever