PNB Scam Accused Sunil Varma Granted Interim Bail

Sunil Varma, former executive of Gitanjali Group and accused in the Punjab National Bank scam, was granted interim bail by an anti-money laundering court. Varma, who had been absconding since 2018, appeared before the court after a non-bailable warrant was suspended. The CBI sought his custody for further investigation.

Sunil Varma, a former top executive of Gitanjali Group, has been granted interim bail by a special anti-money laundering court on Thursday in connection with the multi-million dollar Punjab National Bank (PNB) scam. Varma, accused in the scam, appeared before the court after the suspension of a non-bailable warrant against him.

Following his court appearance, the Central Bureau of Investigation (CBI) sought custody of Varma, arguing that he had been unresponsive to summons and had absconded since the scam's revelation in 2018. Varma, alongside Mehul Choksi, is alleged by the Enforcement Directorate (ED) to have been a key figure behind the scam involving the creation of shell companies.

In response to the CBI's custody plea, Varma's lawyer argued that the summons had been served incorrectly, and thus, Varma was not at fault. The court, after hearing the arguments, planned to review the case and scheduled the next hearing for July 20, while granting interim bail to Varma in the meantime.

(With inputs from agencies.)