PNB Former Executive Director Discharged in Connection with Nirav Modi Case
A special court in Mumbai has discharged KV Brahmaji Rao, a former executive director of Punjab National Bank (PNB), from a high-profile fraud case involving ₹23,000 crore linked to fugitive jeweler Nirav Modi. This decision comes seven years after Rao was first accused, with the judge criticizing the Central Bureau of Investigation (CBI) for its selective prosecution approach. The court found that Rao could not be held criminally liable, emphasizing that the allegations against him lacked sufficient evidence.
Judge Critiques CBI’s Selective Prosecution
In a significant ruling, Special Judge AV Gujarathi pointed out the inconsistencies in the CBI’s prosecution strategy. He noted that Rao was the first among 25 accused individuals and companies to be discharged from the case. The judge highlighted that the prosecution had unfairly targeted certain officials while ignoring others who were equally involved in the decision-making process. He stated that the evidence presented did not justify Rao’s inclusion in the case, indicating a “pick-and-choose” policy by the CBI that undermined the integrity of the legal proceedings.
The judge further elaborated that Rao’s role as an executive director did not equate to direct involvement in the alleged fraud. He emphasized that Rao was not directly managing the branch where the fraudulent activities occurred, making it unreasonable to expect him to oversee transactions across more than 7,000 branches. This perspective raises questions about the accountability of senior officials in large organizations when faced with systemic failures.
Insufficient Evidence Against Rao
The court’s decision was also influenced by the lack of concrete evidence linking Rao to any criminal conspiracy or wrongdoing. Judge Gujarathi remarked that the allegations against him were vague and unsupported by substantial proof. He asserted that merely holding a senior position in the bank did not constitute criminal liability, especially in the absence of clear evidence demonstrating Rao’s involvement in any illicit activities.
The judge pointed out that the Reserve Bank of India’s (RBI) own complaint in 2018 had excluded Rao from the list of accused, instead naming other senior officials from PNB. This discrepancy further underscored the judge’s view that Rao was unfairly singled out in the ongoing investigation. The ruling reflects a broader concern regarding the principles of justice and fair treatment in legal proceedings, particularly in high-stakes financial fraud cases.
Implications of the Ruling
The discharge of KV Brahmaji Rao has significant implications for the ongoing investigation into the PNB fraud case. It raises critical questions about the CBI’s approach to prosecuting individuals in complex financial crimes. The judge’s comments on the necessity of clear evidence and fair procedures highlight the importance of due process in maintaining public trust in the judicial system.
Moreover, this ruling may set a precedent for other accused individuals in the case, potentially influencing their legal strategies and outcomes. As the case continues to unfold, the focus will likely shift to the remaining accused and the broader implications for accountability within financial institutions. The court’s decision serves as a reminder of the need for rigorous standards of evidence and fairness in prosecuting cases of this magnitude.
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