New Delhi, July 1 (SocialNews.XYZ) A Delhi court on Friday directed the Central Bureau of Investigation (CBI) to withdraw a look out circular (LOC) that was issued against an accused in a bank fraud case.
The court ruled that there was no valid justification to maintain the circular against the accused, Mahendra Kumar Sharda.
Chief Metropolitan Magistrate Mahima Rai Singh granted the accused's application to cancel the LOC and dismissed the CBI's argument that individuals involved in economic offenses tend to flee the country, adversely affecting investigations and the economy.
The judge observed that the charge sheet had already been filed in the case and the accused had been granted bail on September 19, 2022. The court noted that there was no evidence to suggest that the accused posed a flight risk or had any intention of evading trial by leaving the country.
Furthermore, the accused had not evaded arrest, appeared before the trial court as required, and had obtained court permission to travel abroad, which he did not misuse.
Given these circumstances, the judge concluded that there was no valid reason to maintain the LOC against Sharda.
The judge also directed the accused to inform the court in advance if he planned to travel abroad during the ongoing case, providing details of his itinerary, place of stay, and contact information.
The accused argued in the application that he had cooperated with the investigation and that the charge sheet had been filed against him without his arrest. He also emphasised that he had been granted bail after appearing in response to court summons.
The CBI opposed the application, asserting that the allegations against the accused were serious and that the LOC was issued to ensure his presence during the investigation and trial.
The CBI further argued that if the accused were to flee the country, his extradition would be a cumbersome and costly process.
According to the CBI, the accused individuals conspired to manipulate and falsify the financial records of Holystar Infrastructure Pvt Ltd, their company, and submitted these records to IDBI Bank to obtain a loan.
Subsequently, they allegedly misappropriated the bank's funds, causing a wrongful loss of Rs 28 crore while gaining financially themselves.
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Source: IANS
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