Mumbai: Former department supervisor of Punjab Nationwide Financial institution’s (PNB) Brady Home department Gokulnath Shetty on Thursday as soon as once more secured bail in a cash laundering case regarding the financial institution. On this case fugitive diamantaire Nirav Modi is the prime accused. He’ll, nevertheless, proceed to stay in custody in different instances.
Solely final week he had secured bail in a cash laundering case regarding the financial institution during which Nirav Modi’s uncle Mehul Choksi is the prime accused. The current one was Shetty’s second bail utility earlier than the court docket, the primary one was rejected in January final yr. He had been arrested by the Enforcement Directorate (ED) in April 2018 and had since been in custody.
He claimed to alreay spent greater than half interval of sentence
Looking for bail by his advocate Sandeep Karnik, the 65-year retired former banker had instructed the court docket that he already spent 4 years and three months in jail as an undertrial, which is greater than half of the seven-year sentence he would serve if convicted for the cash laundering offences he’s charged with. His plea stated that as per the legal process code since he has spent greater than 50 % of the sentence time in jail, he’s entitled for launch on bail.
Shetty has been accused of conspiring with Nirav Modi and fraudulently issuing Letters of Endeavor (LoU) to a few of the latter’s corporations with none collateral safety, thereby inflicting enormous losses to the financial institution. It is usually alleged that required entries weren’t made within the financial institution’s programs and that Shetty had obtained kickbacks for enabling the fraud on this method.
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