"The present case is relating to a huge economic offence wherein the present applicant allegedly played the prime role. The chargesheet and the charge leveled against the applicant made out his active involvement. "A SPECIAL court in its detailed order rejecting bail to retired deputy manager of Punjab National Bank (PNB), Gokulnath Shetty, said he is the “kingpin” of the alleged fraud involving fugitive diamantaire Nirav Modi. Shetty was arrested in this case in January 2019.
In his bail plea, Shetty had submitted that the investigation is completed and he has been imprisoned for 40 months. Shetty also said that other co-accused were granted bail. He had also claimed that he had not benefited from the alleged fraud and was made a scapegoat. Shetty also said charges have not been framed in the case so far and may not happen anytime soon.
“The present case is relating to a huge economic offence wherein the present applicant allegedly played the prime role. The chargesheet and the charge leveled against the applicant made out his active involvement. On perusal of the statement of witnesses listed in chargesheet, prima facie there is a clinching material to show the active complicity of the present applicant in the alleged offence,” the court said adding that the time spent behind bars and his age as a senior citizen cannot be sole grounds for grant of bail.
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