Former deputy manager at Punjab National Bank’s (PNB) Brady House branch on Tuesday secured bail in a money laundering case concerning the bank in which fugitive businessman Mehul Choksi is a key accused.
Shetty will however continue to remain in custody as he has other cases against him including another case of the Central Bureau of Investigation (CBI) related to the same multi-crore bank fraud and a disproportionate assets case. A detailed order is yet to be made available. His lawyers had sought bail on the ground that he had never been arrested in the case by the Enforcement Directorate (ED).
The ED had registered the offence as proceeds of crime were generated from the bank fraud. As per its case, the laundered amount is to the tune of Rs. 6097 crores. Shetty, it had alleged was a key conspirator along with Choksi and had defrauded the bank by issuing a Letter of Undertaking (LoU) and Foreign Letter of Credit (FLC) to the tune of Rs. 6,118 crores. It alleged that he had intentionally conspired with and assisted Choksi in the activity of money laundering.
In the CBI case concerning the bank, Shetty had been denied bail in June this year. The CBI special court had said in its order while denying him relief that the case relates to a huge economic offence where he allegedly played a prime role. The court had further said that prima facie there is clinching material to show his active complicity in the alleged offence.
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