Mitali Palnitkar
Published On: February 02, 2022 at 18:27 IST
On February 2, 2022, the Supreme Court advised the Centre to consider allowing Fugitive Businessmen to return to India and stop the Criminal Proceedings against them if they agree to refund the money.
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have been chasing several Fugitive Businessmen for years to bring them back to the country, in order to make them face Criminal Prosecution for defrauding and swindling crores of public money.
The Bench comprised of Justices Sanjay Kishan Kaul and MM Sundresh. It was hearing a Plea of Hemant S Hathi, who is wanted along with promoters of Sterling Group. They have been Accused of swindling Rs14,500 crore through bank loans.
It opined that several years would be spent in Legal proceedings with no guarantee that the Agencies would be successful in bringing back the Fugitive Businessmen. Therefore, the Government can grant protection to them if they agree to refund the money. Also, they shall not be Arrested when they return.
In the Plea, Hathi expressed the willingness to refund the money subject to the condition that he shall not be Prosecuted and harassed by the agency on his return. The total amount due from his is Rs 1,500 crore, where he already repaid Rs 600 crore and assured that he would pay the outstanding amount of Rs 900 crore as well.
The Court stated, “You’re chasing many people around the world but you haven’t been able to get anything. Here he’s offering to refund money. So some Criminal Proceedings can be Stayed and allow them to come back.”
Additional Solicitor General SV Raju, who appeared for CBI stated that he would not Arrest Hathi if he returned and expressed his reservation in putting an end to the Criminal Proceedings against him. Also, he shall not pursue the Case that was tried in the Trial Court.
The Court stated that the Government can grant him Relief if he returns and refunds the money, on three fronts – pending Criminal Proceedings against him can be Quashed, he shall be allowed to travel around the country for pursuing his business and coercive action shall not be taken against him.
Besides Hathi and the Sterling Group, several Businessmen like Vijay Mallya and Nirav Modi have fled India, to escape the clutches of Law. Indian Agencies have not be successful so far in bringing them back.