Relief for Yash Birla in Rs 277-cr cheating case

Despite opposition by the Economic Offences Wing, industrialist Yash Birla’s temporary bail granted by a court in 2016 was made absolute by a special court on Monday, in connection to cheating of depositors of around Rs 277 crore by Birla Power Solutions Ltd.

The court stated in its order that he had not breached any conditions of his bail in the past four years.

The court added that no one is sure when the trial will begin and conclude and in that background taking him in judicial custody by rejecting the application is not justified.

Birla had made an application for the relief to be made absolute. Opposing the relief, the EOW told the court that he is likely to pressurise depositors if given the relief. It said that being an important person in the field of commerce, he may pressurise depositors and delay the trial.

Special Judge under the Prevention of Money Laundering Act (PMLA) MG Deshpande stated in the order that there is nothing before the court to show that Birla has ever tried to tamper with evidence, tried to vanish the documentary evidence or influence material prosecution witnesses or pressurise them to agree to a lesser amount.

Birla had never been arrested by the EOW and had appeared before the court after it took cognisance of the chargesheet and summoned the accused. He had been named in the supplementary chargesheet with seven others.

The first chargesheet had been filed against the MD of the firm PVR Murthy who was arrested and then secured bail.

“Though EOW contended that the applicant had not cooperated with the investigation and had not responded to their correspondence, nothing had prevented them from exercising their power of arrest when they had exercised the same against PVR Murthy,” the court noted in its order.