Supreme Court: Can’t monitor PNB fraud probe

New Delhi: The Supreme Court on Monday asked the Centre to file a response explaining the probe conducted so far into the Rs 11,000 crore Punjab National Bank scam and the steps taken to bring back diamond merchant Nirav Modi and his uncle Mehul Choksi to India.

At the outset, a Bench of Chief Justice Dipak Misra and Justices A.M. Kanwilkar and D.Y. Chandrachud, hearing a PIL filed by advocate J.P Danda, agreed with attorney-general K.K. Venugopal that the court could not monitor the probe.

The AG said the petition should be dismissed, as there was no need for the court to interfere when the investigation had gathered pace. He said 41 properties pertaining to the case have been attached.

Mr Venugopal also said that agencies like CBI, Enforcement Directorate, Income Tax department and bank fraud cell were conducting the investigation from various angles and no interference was warranted at this stage. He said the PIL is not maintainable and should be dismissed. The court then asked the AG to put the steps taken by the government on record so that the PIL could be disposed off.

The petitioner cited several instances where the farmers had to either commit suicide or face the wrath of the bank officials over their inability to pay back the loan. It said Mr Nirav Modi and his uncle Mr Mehul Chowksi, continued with the fraud for six long years and the prime accused, along with his family, easily managed to leave the country just before the bubble burst.

Referring to previous instances involving Mr Vijay Mallya, Mr Ketan Parekh and Mr Harshad Mehta, he contended that such big frauds couldn’t take place without connections in the corridors of power and wielding influences. The petition maintained that PNB scam also demonstrates that the bank concerned and the RBI have been completely negligent in performing their duties.