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Special Mumbai Court rejects plea of CFO of Nirav Modi

2 min read

Anushka Sharma

Published On: October 16, 2021 at 10:00 IST

A Special Central Bureau of Investigation (CBI) Court dismissed a request by Nirav Modi’s Former Chief Financial Officer (CFO) for the revocation of a Look-Out-Circular (LOC) issued against him.

Ravi Gupta, who was identified as a suspect in the PNB Fraud Case, had requested that the LOC against him be cancelled, claiming that it was preventing him from travelling abroad for employment.

Gupta stated that he had cooperated with the CBI investigation and had appeared 31 times before the agency.

Gupta further emphasized that he had not been arrested or charged in connection with the issue and stated that he was shocked to learn about the LOC and had requested that it be cancelled by the CBI, but that this was not done.

The CBI countered Gupta’s claim, claiming that Modi’s Firestar International Limited and Firestar Diamond International Private Limited defrauded PNB of Rs 321.88 crore.

Gupta had held a major position in the first company, according to the Agency. The inquiry was still ongoing, and it was possible that he might flee the country, according to the report.

The CBI further claimed that the Court lacked the authority to terminate the LOC.

The Court concurred with the CBI, holding that the LOC was given by an investigating officer during the probe, not by the Court.

Special Court Judge A S Sayyad remarked, “…. No doubt, the LOC can be cancelled by the Court but only when it has been issued by the Court. Herein, the LOC under challenge is not issued by this Court.”

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