Synopsis: In the charge sheet of the federal agency it is mentioned that Sheth in the capacity of the whole time director in accused firms Gitanjali Gems Ltd., Gilli India Ltd., and Nakshatra Brands Ltd., was part of the conspiracy.
The trial court provided bail to Mr. Dhanesh Vrajlal Sheth the managing director of the firms which are accused by the trial court namely, Gitanjali Gems Ltd, Gilli India ltd, Nakshatra brands Ltd under the case of multibillion frauds made to the Punjab National Bank.
Vijay Aggarwal the defense counsel asked for bail on the basis that the CBI (Central Bureau of Investigation) already filed a charge sheet against of accused.
At present, the investigation stands completed, and also the charge sheet has been filed without arresting the accused person which shows that there was no need for the custodial interrogation of Mr. Sheth, Vijay Aggarwal argued. The trial court granted the bail on the surety of 1 lakh rupees.
In their charge sheet, the federal agency mentioned that Mr. Sheth the full-time director of accused firms Gitanjali Gems Ltd., Gilli India Ltd., and Nakshatra Brands Ltd., was part of the conspiracy.
It is mentioned in the charge sheet that as a full-time director of these three firms Sheth signed the balance sheet, statement of profit & loss, cash flow statement of the three firms with dishonest intent.
This was done for the periods ending March 31, 2015, March 31, 2016, and March 21, 2017, which did not show a letter of undertakings availed by these companies.
Last month, a supplementary charge sheet was filed by the CBI showed that the fugitive diamond trader accused of defrauding Punjab National Bank for $2 billion first held meetings late 2017 with dummy directors of his Hong Kong-based supplier companies, telling them that they might have to face inquiries by the Enforcement Directorate.
He then fled India on January 4, 2018. By February, those directors were relocated to Bangkok to evade investigations, said the latest CBI charge sheet filed against 12 individuals and entities, including Choksi, Vipul Chitalia, the then Vice President – Banking Operations, Gitanjali Group, and former senior officials of PNB.
As per the charge sheet during December 2017, Choksi visited Hong Kong and met the dummy directors of Hong Kong-based supplier entities and told them that problems are going on in India and that they might have to face ED inquiries. This clearly shows that Choksi had prior knowledge about the impending criminal proceedings.
