The Central Bureau of Investigation (CBI) has taken a significant step in the ongoing Punjab National Bank (PNB) fraud case. On Monday, the agency filed an application before a special court in Mumbai. This application seeks to issue a proclamation against two senior officials linked to fugitive jeweller Nirav Modi.
Targeting Key Figures
The CBI aims to declare Mihir Bhansali and Sandeep Mistry as absconders. Bhansali served as the CEO of Firestar International, Nirav Modi's US-based firm. Mistry is alleged to have been a director of a Hong Kong-based dummy company. Both individuals were previously named in a supplementary chargesheet filed by the CBI.
Allegations of Evidence Destruction
The CBI's move follows serious claims about the destruction of evidence. According to the agency, Bhansali and Mistry forced directors of dummy companies to leave Dubai in April 2018. This occurred just months after the massive banking scam came to light. The CBI alleges that cellphones were destroyed during this period. Additionally, an office server containing crucial account data was also wiped out.
Background of the Case
The PNB fraud case involves staggering losses estimated at Rs 13,500 crore. Investigators say fraudulent Letters of Undertaking were issued in connivance with bank officials. These documents allegedly benefited Nirav Modi's companies, causing significant financial damage to the bank.
In 2018, a Red Corner Notice was issued against Mihir Bhansali. Authorities believe he played an active role in the fraudulent activities. Nirav Modi himself is currently undergoing extradition proceedings in the United Kingdom. He remains a central figure in this high-profile financial scandal.
Current Status of the Trial
The legal proceedings in this case are progressing slowly. The trial against other arrested accused individuals has not yet begun. The CBI's latest application highlights the challenges in bringing all involved parties to justice. Declaring Bhansali and Mistry as absconders would be a procedural step to advance the case.
This development underscores the CBI's continued efforts to pursue all leads in the PNB fraud. The agency remains determined to hold accountable those allegedly responsible for one of India's largest banking scams.
