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Plea Seeking Inquiry Into Banking Fraud: Delhi HC Directs SIT To Complete Investigation Expeditiously [Read Order]

Karan Tripathi
17 March 2020 12:40 PM GMT
Plea Seeking Inquiry Into Banking Fraud: Delhi HC Directs SIT To Complete Investigation Expeditiously [Read Order]
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In a plea seeking timely investigation into banking frauds which affect all segments of society, the Delhi High Court has directed the Special Investigation Team to conclude such investigations as expeditiously as possible.

While highlighting the need to respect time in such investigations, the Single Bench of Justice Vibhu Bakhru has directed the investigation team to finish the investigation as soon as possible, and in all circumstances, within a period of six months.
The present criminal writ was filed to highlight the need of completing investigation in cases of banking fraud in a timely manner. Such timely investigation was demanded so that crucial time at the initial stage of investigation is not lost, culprits are arrested, and change of hands of proceeds of crime is prevented.
In an FIR with Economic Offences Wing under sections 406/420/468/471/120B of the IPC, the Petitioner has complained that her father (who is 86 years of age) had been cheated of approximately ₹6 crores by a syndicate of criminals consisting of certain employees of HDFC Bank, insurance companies and their agents.
In a status report filed before the court it was submitted that about ₹5.16 crores had been transferred to about eighty different bank accounts. Out of the same, details of forty-four bank accounts
have already been obtained and the same have been frozen.
While noting the fact that an SIT has already been constituted, the court did consider Petitioner's grievances regarding the pace and the manner in which the investigation is being conducted.
In this regard, it was submitted by the Petitioner that the offence would have a clear paper trail and investigations are required to be done to obtain KYCs of persons, who had opened the accounts in which her father's funds were transferred but the same had not been done as yet.
While accepting this contention of the Petitioner as credible, the court directed that:
'SIT shall obtain details of the KYC documents regarding the bank accounts,available with the concerned banks and ascertain the details of the recipients of the money transferred from the accounts of the petitioner's father'
[Read Order]

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