Mumbai court grants bail to Nirav Modi’s close aide Hemant Bhatt in PNB fraud case

Mumbai: The special CBI court on Tuesday set conditions for the release of Nirav Modi’s close aide Hemant Bhatt, who allegedly worked as a director in around 20 shell companies. On Monday, Bhatt got release from the Supreme Court.

Granting the bail, a division bench of Justice Sanjiv Khanna and Justice Dipankar Dutta said, “Considering the age and almost six years of imprisonment, the appellant – Hemant Dahyalal Bhatt is directed to be released on bail during the pendency of the trial.” Bail.

Based on the order passed by the apex court, the special CBI court on Tuesday imposed conditions that he should not tamper with the evidence and asked him to appear before the investigating officer whenever called. They have also been asked to submit their passports.

Bhatt’s involvement in PNB fraud case

Bhatt, reportedly a close aide of Modi, has been in jail since his arrest in 2018. Bhatt was the first person arrested from Modi’s group companies as he was an authorized signatory in the PNB fraud case.

According to the CBI, Nirav, along with other accused, defrauded PNB of Rs 6,498.20 crore through 150 fake Letters of Undertaking (LoU) issued between February and May 2017, taking the total amount of fraud to Rs 23,780 crore.

In its charge sheet, the CBI claimed, “Investigation revealed that between 2011 and 2017, 1,214 LoUs amounting to Rs 23,780 crore were fraudulently issued by the accused bank officials on behalf of M/s Diamonds R US, M/s Stellar Diamond and M/s Were. Solar exports, out of which 150 LOUs remain outstanding.”

Nirav Modi fled the country on January 1, 2018. He was arrested by the UK Police on March 19, 2019. Later, the special court declared Nirav Modi a fugitive economic offender under the new law on December 5, 2019. This paved the way for the court to initiate the process of seizing his properties which were also located outside the country.