Delhi HC seeks ED's reply on Nirav Modi firm's plea
The Delhi High Court on Wednesday sought response of the Enforcement Directorate on a plea by Nirav Modi's firm Firestar Diamond against a money laundering case lodged by the agency in connection with the over Rs. 11,000cr Punjab National Bank (PNB) fraud case. Justices S Muralidhar and IS Mehta issued a notice to the ED on Firestar Diamond International Private Ltd's plea. Here's more.
HC refrains from staying proceedings against company
The firm's plea sought the court's direction to ED to supply it several documents, including a copy of search warrants. The bench, however, refrained itself from staying the proceedings against the company saying it wants to consider the "stay part" after the agency files their response. It directed ED to place before it the sequence in which it has initiated proceedings in the matter.
Relevant records should be placed before HC on 19 March
"The relevant records involved in the matter should be placed before the court on March 19. The officer conversant with the case should also remain present in the court to answer all queries," the bench said. Advocate Vijay Aggrawal, appearing for the firm, has sought quashing of the ED action of taking away the movable property and depositing the same with the PNB bank.
Advocate appearing for ED said the firm's plea is premature
Aggrawal, also submitted before the court that the agency is directed to supply a copy of the Enforcement Case Information Report (ECIR) registered by it, pursuant to which the search and seizure were conducted by the ED in its premises. Additional Solicitor General Sandeep Sethi and advocate Amit Mahajan, appearing for ED submitted that the firm's plea is premature and the challenge is misconceived.
Multiple probe agencies investigating the scam
Billionaire Nirav Modi, Mehul Choksi, and others are being investigated by multiple probe agencies after the scam came to light following a complaint by the PNB that they allegedly cheated the nationalized bank of Rs. 11,400 crore, with the purported involvement of a few employees of the bank. The ED has registered the money laundering case on the basis of a CBI FIR.
