PNB fraud: Nirav Modi's ex-director moves HC for quashing LOC

Nirav Modi. File Pic

A former director of Nirav Modi's company yesterday moved the Delhi High Court seeking quashing of a Look Out Circular (LOC) issued against him after lodging of an FIR by the CBI in the PNB fraud case.

The high court sought response of the CBI on the plea by Sanjay Rishi, an Overseas Citizen of India residing in the United States, seeking direction to the authorities to withdraw the LOC.

Justice Rajiv Shakdher issued notice to the CBI and SFIO, which is also conducting an investigation into the matter, and listed the matter for further hearing on July 25. Rishi, president of American Express for South Asia, was appointed as a non-executive independent director of Nirav Modi's Firestar International Ltd on Dec 6, 2016 and he resigned from the post on February 7, this year. He said he did not take part in the day to day affairs of the company.

Senior advocate Siddharth Luthra, appearing for Rishi, submitted that an FIR was lodged on March 4 for the alleged offences of cheating, criminal conspiracy under the IPC and when summonses were issued to him, he voluntarily came to India and joined the investigation.

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