Punjab and Haryana High Court have refused to immediately suspend the interim bail order of Mukesh and Rahul Modi and the duo will be treated as under arrest as two police officers will escort them during the period of their interim bail, ruled the court.
Both of them have been granted bail in view of Mukesh Modi’s mother’s serious medical condition. However, the central govt had sought cancellation of the bail on the ground that he was lying. It bears recall that the Supreme Court had asked them to surrender on 1st of April and the last Thursday 19th April they were granted 15 days interim bail.
In its application seeking cancellation of interim bail to Modis, the Serious Fraud Investigation Office told the court that the accused is lying as his mother is no longer admitted; she was in hospital from March 13 to March 18. SFIO fears that they may flee the country.
SFIO also wondered that though the regular petition of the accused was pending for adjudication before the Gurgaon court on April 20 they moved the HC on Thursday, even when April 18 was a working day at the Gurgaon court, reports Indian Express.
Earlier, the Supreme Court upturned Delhi High Court judgement granting bail to Mukesh and Rahul Modi. The duo had been ordered to surrender by April 1 by the apex court. The apex court had also raised the issue of validity of the Delhi High Court jurisdiction in deciding on a case that has been filed in Haryana.
It bears recall that Modis- Mukesh and Rahul were arrested on December 10 by the Serious Fraud Investigation Office (SFIO) and were granted bail by the Delhi High Court on December 20.
While, out on the bail, Rahul Modi had held a press conference saying Adarsh Credit Cooperative Society has signed a deal with the Kolkata based realtor that would allow the society to sell all properties financed by it. This would yield the society an amount of Rs. 9,711 crore. The details of the deal were revealed in a joint press conference addressed by the signatories.
It bears recall that the Modis are accused of duping more than 20 lakh depositors in the name of cooperative. The arrested founder chairman of Adarsh Credit Mukesh and his family members are alleged to have been running Ponzi schemes and had floated several fake companies to which they diverted Rs 8400 crore.