[ad_1]
NEW DELHI: Adopting an unsparing approach towards economic offenders, the Supreme Court on Thursday stopped Ushdev International Ltd chairperson Suman Vijay Gupta, accused of defrauding State Bank of India to the tune of Rs 3,300 crore, from travelling to UAE by staying a Bombay HC order permitting the travel despite a lookout circular against her, reports .
Accepting solicitor general Tushar Mehta’s plea for urgent hearing on SBI’s appeal, a bench of CJI D Y Chandrachud and Justice P S Narasimha issued notice to Gupta and stayed till April 24 the HC’s March 10 and 14 orders.
Mehta said after the fraud was caught and insolvency proceedings were initiated against UIL and CBI registered a case against Gupta, she relinquished Indian citizenship and became a Commonwealth of Dominica citizen while residing in UAE. She had come to India to attend her nephew’s wedding and the LOC was issued in 2020.
Challenging the HC’s decision to suspend the LOC till April 11 and permitting her to travel to UAE on her personal undertaking to return to India by April 10, the SG said the law enforcement agencies have a bad experience on allowing economic offenders and fraudsters to go abroad on personal undertakings as they seldom honour their undertakings.
The SBI said, “Forensic auditors have found that Gupta’s son, who was also the director/guarantor along with his mother for availing loans from consortium of banks led by SBI, is running entities in foreign countries which are running in profits but are not willing to repay the debts due to the banks.”
Accepting solicitor general Tushar Mehta’s plea for urgent hearing on SBI’s appeal, a bench of CJI D Y Chandrachud and Justice P S Narasimha issued notice to Gupta and stayed till April 24 the HC’s March 10 and 14 orders.
Mehta said after the fraud was caught and insolvency proceedings were initiated against UIL and CBI registered a case against Gupta, she relinquished Indian citizenship and became a Commonwealth of Dominica citizen while residing in UAE. She had come to India to attend her nephew’s wedding and the LOC was issued in 2020.
Challenging the HC’s decision to suspend the LOC till April 11 and permitting her to travel to UAE on her personal undertaking to return to India by April 10, the SG said the law enforcement agencies have a bad experience on allowing economic offenders and fraudsters to go abroad on personal undertakings as they seldom honour their undertakings.
The SBI said, “Forensic auditors have found that Gupta’s son, who was also the director/guarantor along with his mother for availing loans from consortium of banks led by SBI, is running entities in foreign countries which are running in profits but are not willing to repay the debts due to the banks.”
#Uil #Supreme #Court #stays #Bombay #order #allowing #UIL #chief #travel #India #News
