Whether a person steals Rs 1 or millions, stealing is still theft. Many people think that currency is just paper and it has no intrinsic value; which is true to an extent (it still costs money to print paper money). The number on the currency is an evaluation of one person’s labour; it proves that a person is working for a living and not stealing other people’s valuable time. When a person saves enough money and decides to deposit it into a bank, the worst case scenario is that it will go missing. The banks are insured for such losses but the economical impact of such an event devalues the currency a person is holding in their hand: meaning that the Rs 500 buys less than it did previously (inflation) and printing of more money needed (Zimbabwe went through hyper-inflation).
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Legal Issues Involved:
There are other accused people wanted in this case and only one person is being charged currently; that same person was apprehended by police at the IGI Airport in Delhi trying to leave India after getting permission from the courts. Other criminal offences came to the CBI’s attention which played a part in halting the flight of the apprehended individual. The CBI are not sure if the absconding individuals will appear but if the only person currently charged also disappears then the whole case/matter will be put on the shelf until who knows when. A lookout notice will notify the CBI if the other absconding individuals arrive at India or are still trying to escape India.
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News Article Facts:
Suhail Goyal was the person apprehended at the IGI Airport that has been accused of the economic offences. The CBI state that Suhail’s mother and father are also co-conspirators who defrauded SBI of 207.5 crore, they are part of the 8 individuals, all under the employment of Surya Pharmaceutical Ltd. A lookout notice (LOC: Lookout Circular) against the co-accused of Goyal is in place and Goyal’s counsel requested for its cancellation but the CBI opposed. Goyal still has the means to exit the country without a passport (which is impounded and the passport authority may testify for confirmation). The mother Alka Goyal and father Rajiv Goyal were declared proclaimed offenders in 2017; they have been emailed non-bailable warrants issued against them and their companies but are unresponsive. CBI wants to keep Suhail in India so the case can proceed.
Legal Stand Point:
The accusation is the Goyal family, along with others, conspired to strip SBI of the Rs. 207.5 Cr for personal use while committing forgery of documents and intend to use those fake documents. Exact charges filed by the CBI of the economic offences are stated in the news article. The cancellation of the lookout notice is well justified; immediately apprehension of the perpetrators is necessary for a quick and speedy trial. If the absconding individuals where anywhere in the country, they would have filed for Anticipatory Bail after being declared Proclaimed Offenders.
The lookout notice is in place with good intentions but may be the leading cause in preventing the mother and father of Suhail Goyal from entering India. They may feel that if the whole family is behind bars and bail is denied, a fair trial may not be possible. The previous economic offences commited by Vijay Mallya and Nirav Modi caused their exit of India and both of Mallya and Nirav Modi are trying to avoid extradidtion to India. The CBI fear the same will happen with Suhail Goyal
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