Mumbai: PNB Scam Gitanjali Group Ex-Staffer Gets Interim Bail; CBI Seeks Custody

A special court on Thursday granted interim bail to Gitanjali Group’s former head of international business, Sunil Varma, an accused in the multi-million dollar Punjab National Bank scam.

Following his appearance, the CBI, which is also investigating a case linked to the scam, sought his custody.

As Varma appeared before the court, his lawyers moved a plea for bail while the CBI sought his custody for questioning.

The CBI prosecutor, A Limosin, submitted that Verma never responded to summons or notices and chose to remain away from the investigation.

The defence argued that Varma had left the country much before the case was registered in 2017. The case was registered only in 2018. Besides, it was contended that Varma was served notice at his Mumbai address, which he had left and moved to the US.

The special judge after hearing the arguments said that he needed time to go through the orders. He then posted the matter for order on July 20. In the meanwhile, the court released Varma on PR bond of Rs1 lakh on interim bail.

Varma, along with Choksi and other accused, was the brain behind the mammoth bank fraud, according to the ED.

“The applicant was the mastermind behind formation of shell companies in Gitanjali Group,” the agency said.

Varma had been made an accused by both the CBI and the ED in the PNB case against Choksi. The non-bailable warrant against him was issued by the special court on August 2018 in connection with the money laundering case under PMLA; while the non-bailable warrant against him was issued in July 2021 in the fraud case registered by CBI.

In April, Varma had approached the Bombay High Court for cancellation of warrant against him in the case registered by CBI. It was claimed by the CBI that when the agency went to serve the summons at his last known address in India, where his father resides, it was revealed that Varma had shifted to US. Hence CBI has obtained warrant against Varma saying he fled the country to avoid prosecution.

However, last month while seeking cancellation of NBW, Varma said that he had left India much prior to registration of the case in 2017. His lawyers Abad Ponda, Omkar Mulekar had submitted that Varma intends to return to India and wants a protection for the same.