Bail to builder in Yes Bank-DHFL fraud case

MUMBAI: A special Prevention of Money Laundering Act (PMLA) court on Tuesday granted bail to builder Sanjay Chhabria of the Radius group in an alleged money laundering case related to Yes Bank-DHFL loan fraud, observing that the chances of trial beginning anytime soon is less, and there is no clarity on the time frame needed for its conclusion.
This is the third bail application filed by Chhabria, after the same PMLA court and high court rejected his bail pleas previously. Special sessions judge AC Daga observed that there is change in circumstances in the current bail application, while referring to the bail granted to Delhi minister Manish Sisodia by the Supreme Court in connection with the Delhi excise policy case in August this year. Sisodia was also granted bail on grounds of long period of incarceration and non-commencement of trial.
Advocate Vikram Chaudhari, appearing for Chhabria, submitted that the current bail application was filed on the ground of change in circumstances after the Supreme Court passed the order in the Sisodia case. The defence submitted that all other accused in the matter has gotten bail, which makes Chhabria eligible for bail as well. “The investigation in the ECIR is still pending,” submitted the defence, adding, “There are 31 witnesses in this matter and more than 200 witnesses in the predicate offence.”
Special public prosecutor Sunil Gonsalves reflected on the Bombay high court order where Chhabria’s bail was rejected, in which the court had said that the grounds of parity do not apply to Chhabria. The prosecution submitted that there is no change in circumstances, adding that there is no straight jacket formula. The prosecution argued that undergoing imprisonment in each case cannot be a parametre for granting bail, while pointing out that Chhabria actively participated in siphoning and layering of the proceeds of crime.
The builder was booked in a money laundering case related to the Yes Bank-DHFL loan fraud. The agency has taken up the probe based on an FIR registered by CBI, New Delhi. The court observed that the high court has granted bail to Chhabria in the CBI matter. “There is nothing on record to show that the applicant at any point of time tried to tamper with the prosecution witnesses and documents, tried to flee away from the country and tried to obstruct the proceedings”, said the court.
Granting bail to Chhabria, the court said, “There are no chances about immediate commencement of the trial and no time frame can be made for the conclusion of the trial considering the voluminous records as well as number of witnesses in the matter.”