A special Central Bureau of Investigation (CBI) court in Mumbai has cancelled the Look Out Circular (LOC) issued against Maiank Mehta in the ₹13,850 crore Punjab National Bank (PNB) fraud case. The court said there was no evidence to show that Mehta was trying to avoid the investigation or escape the trial.
Court Says Mehta Cooperated with Investigation
The court noted that Maiank Mehta had fully cooperated with the investigation and court proceedings. He was granted a pardon after agreeing to disclose all the facts related to the case and provide information about other persons involved in the alleged fraud.
Earlier Pardons in ED and CBI Cases
Maiank Mehta is a British citizen of Indian origin and has been living in Hong Kong for the past 35 years. In January 2021, a special Prevention of Money Laundering Act (PMLA) court granted him a pardon in two Enforcement Directorate (ED) cases linked to the PNB fraud. Later, in September 2021, the same court cancelled all pending non-bailable warrants against him.
In September 2025, the special CBI court also granted him a pardon in connection with a supplementary chargesheet filed in the case.
Why Mehta Sought Cancellation of LOC
The CBI had issued the Look Out Circular against Mehta in July 2021. He requested the court to cancel it, stating that he manages businesses in Hong Kong and China. He also said that he frequently travels to countries such as Thailand, Vietnam, Australia, and Canada for business purposes.
Court Finds No Risk of Absconding
The court observed that Mehta had appeared through his legal representatives and there was no record showing that he had delayed the trial, avoided court proceedings, or tried to escape arrest.
The court also noted that Mehta had already become an approver and had recorded his statement under the Code of Criminal Procedure. Therefore, cancelling the LOC would not affect the CBI’s investigation.
High Court Travel Conditions Still Apply
While cancelling the LOC, the CBI court clarified that it could not change the conditions imposed by the Bombay High Court in 2023. Those conditions require Mehta to provide any information requested by the CBI whenever he travels abroad.
About the PNB Fraud Case
The CBI registered the PNB fraud case in January 2018 against fugitive businessman Nirav Modi, some Punjab National Bank officials, and others. According to the agency, Nirav Modi and his companies fraudulently obtained 150 Letters of Undertaking (LoUs) from PNB’s Brady House branch between February and May 2017. The total value of the alleged fraud is estimated at ₹13,850 crore.
