Courts Clear Ratul Puri of Banking Fraud Allegations

In a significant legal development, industrialist Ratul Puri has been discharged by Indian courts from two separate alleged banking fraud cases, amounting to a staggering Rs 1,101 crore. The Central Bureau of Investigation (CBI) had accused Puri of fraudulent activities linked to Moser Baer Solar Limited and Moser Baer India Ltd. However, the courts found no criminality in the evidence presented, hindering the CBI's pursuit of the case.

The CBI, facing criticism, had filed chargesheets worth Rs 747 crore and Rs 354 crore against Puri and other parties involved. The courts' decision, made by a special CBI court in May for Moser Baer India Ltd and a chief judicial magistrate in January for Moser Baer Solar Limited, ruled that the evidence lacked adequate standing to warrant a trial.

Compounding the CBI's challenges, the banks involved in the case did not sanction investigations against their officials, weakening the prosecution's stance. Allegations centered around loan defaults, yet independent audits and the lack of objections from authorities further complicated the CBI's case. The agency is currently appealing these decisions.

(With inputs from agencies.)