PNB scam: CBI court refuses to cancel warrant against Mehul Choksi

A special court here on Friday refused to cancel a n-bailable warrant issued against fugitive diamond merchant Mehul Choksi, a key accused in alleged Punjab National Bank (PNB) scam.

Special CBI judge V C Barde refused to give relief to Choksi after hearing arguments by his lawyers and Central Bureau of Investigation's counsel A Limosine.

Choksi h moved court in June 2018 seeking cancellation of warrant, issued by court as he did t respond to summons and participate in probe.

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Last week, court h rejected a similar plea me by him, seeking cancellation of a warrant issued in a case registered by Enforcement Directorate under Prevention of Money Laundering Act in PNB scam.

In his plea before CBI court, Choksi claimed that he could t travel to India because of his medical condition and also because he was facing a threat to his life.

He never sought to eve probe ncies and h duly responded to all communication received from m, his lawyers contended.

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Choksi and his nephew Nirav Modi, in connivance with some bank officials, allegedly duped PNB of Rs 14,000 crore by obtaining Letters of Undertaking (LoUs) fraudulently.

An LoU is a bank guarantee under which a bank can allow its customers to raise money from ar Indian bank's foreign branch.

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