The Central Bureau of Investigation (CBI) on Wednesday moved a plea seeking a polygraph test and narco analysis test of Gokulnath Shetty, former deputy manager of Punjab National Bank (PNB), arrested in connection with the Rs 14,000-crore fraud case.
Shetty was arrested by the CBI in March 2018, and a month later, his custody was obtained by the Enforcement Directorate (ED), which is probing the money-laundering case against diamantaires Nirav Modi and Mehul Choksi. Apart from his role in the PNB fraud as a key conspirator, the CBI is also probing assets amassed by him and his wife under Prevention of Corruption Act. Special public prosecutor for CBI, A Limosine, on Wednesday, moved the plea, seeking Shetty’s consent for the tests, pleading they need to know about the pecuniary benefits received by the accused. “The assets and quid pro quo revealed so far during the investigation is miniscule as compared to the quantum of the fraud or Rs 7,080.86 crore. In order to ascertain his other motives and details of undue pecuniary advantage obtained by him, as one of the main conspirators, it is very much essential to conduct polygraph test and narco analysis test,” reads the application filed by the CBI.
The agency claimed that when Shetty was interrogated after his arrest, he did not divulge any information about the fraud and the illegal gratification received by him for favouring Choksi and his companies. According to the prosecution, Shetty, who was posted in the forex department of PNB’s mid corporate branch, Brady House, Mumbai, between April 2010 and May 2017 (when he retired), fraudulently issued 143 letters of undertaking (LOU) and unauthorisedly enhanced the value of foregin letters of credit (FLC) in favour of various overseas branches of Indian banks without following the prescribed procedure. The funds raised for payment of import bills were not utilised for the same in many cases, the CBI claimed in its plea.
{{/usCountry}}The agency claimed that when Shetty was interrogated after his arrest, he did not divulge any information about the fraud and the illegal gratification received by him for favouring Choksi and his companies. According to the prosecution, Shetty, who was posted in the forex department of PNB’s mid corporate branch, Brady House, Mumbai, between April 2010 and May 2017 (when he retired), fraudulently issued 143 letters of undertaking (LOU) and unauthorisedly enhanced the value of foregin letters of credit (FLC) in favour of various overseas branches of Indian banks without following the prescribed procedure. The funds raised for payment of import bills were not utilised for the same in many cases, the CBI claimed in its plea.
{{/usCountry}}Besides, according to another FIR filed by the CBI against Shetty and his wife, Ashalata, a clerk with Indian Bank, between April 1, 2011 and May 31, 2017, the couple acquired disproportionate assets to the tune of Rs 2.63 crore — approximately 238.44% more than their income from known sources. CBI claimed that before the check period — April 2011 — Shetty and his wife owned assets worth Rs 47.12 lakhs. By the end of the period, the CBI stated, the couple amassed assets worth Rs 1.25 crore. The agency claimed the couple’s income from the known sources was around Rs 1.10 crore, while their expenditure was around Rs 2.95 crore.
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