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SC to decide maintainability of plea for court-monitored probe into PNB fraud

The government told the bench that agencies like the CBI, ED, Income Tax department and the SFIO are independently probing the PNB scam.

india Updated: Apr 09, 2018 13:05 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
PNB fraud,Punjab National Bank,Supreme Court
A man leaves an automated teller machine (ATM) facility of Punjab National Bank (PNB) in New Delhi. (Reuters File Photo)

The Supreme Court on Monday said it will decide whether the PIL seeking a court-monitored probe into the over Rs 11,000 crore Punjab National Bank (PNB) fraud case is maintainable or not.

A bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud was told by the Centre that agencies like the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), the Income Tax department and the Serious Fraud Investigation Office (SFIO) are independently probing the PNB scam.

Attorney General KK Venugopal sought dismissal of the PIL seeking a court-monitored probe into the alleged scam saying multiple agencies are already probing the matter.

The AG was opposing a plea filed by lawyer Vineet Dhanda, who has sought an independent probe in the PNB case and a direction to the government to get diamond merchant Nirav Modi deported.

The Central Bureau of Investigation (CBI) has already registered two FIRs -- one on January 31 and another in February -- against billionaire Nirav Modi, his relative Mehul Choksi of Gitanjali Gems and others for allegedly defrauding the bank of about Rs 11,400 crore.

The PIL has made PNB, the Reserve Bank of India and the ministries of finance and law and justice parties. It has sought a direction for initiation of deportation proceedings against Nirav Modi and others allegedly involved in the banking fraud, preferably within two months.

It has also asked for a special investigation team (SIT) to probe the case, allegedly involving Nirav Modi and Choksi, and a probe into the role of the top management of PNB.

The plea has sought a direction to the finance ministry to frame guidelines on the grant and disbursal of loans involving big amounts, besides ensuring safety and recovery of such loans.

It has also sought the setting up of a body of experts to deal with cases of bad banking debts in the country.

First Published: Apr 09, 2018 13:04 IST