New Delhi, Apr 28 (PTI) A Delhi court has suspended a lookout circular (LOC) against the Managing Director of Educomp Group company, Shantanu Prakash, currently an Antiguan citizen and accused in various cases of fraud in India as well as abroad, to enable him to travel to Singapore to attend court proceedings.

Special Judge Prashant Kumar suspended the LOC from April 28 to May 27, in a case of cheating, criminal misconduct, and diversion of the public money, causing a loss to the tune of Rs 806.07 crore to a consortium of banks.

Also Read | Coal Crisis in India: Indian Railways Cancels 657 Mail, Passenger Trains to Prioritise Movement of Coal Rakes.

“I deem it appropriate that one opportunity is to be granted to the applicant to travel abroad and the applicant is allowed with the permission to travel abroad, i.e. Singapore to attend court proceedings there which is scheduled from April 28 to May 27, by suspending the LOC during the said period,” the judge said in an order passed on Wednesday (April 27).

During the arguments, the CBI opposed the application, alleging that there was well-found apprehension that the applicant may abscond after crossing the boundaries as he was an Antiguan citizen and not a citizen of India as of date.

Also Read | Indian Economy Likely To Take Over 12 Years To Overcome COVID-19 Losses: RBI Report.

It said that the allegations against the accused were serious in nature as a fraud of serious nature has been committed vide which he has siphoned the money to some other place and purpose other than the object which was granted to him.

The prosecution alleged that the accused was not bonafide and has been changing his address quite often and not informing the authorities properly within time.

“Applicant has given wrong information regarding his address as well as the affidavit filed along with the application initially,” the public prosecutor told the court.

It also stated that there are other FIRs registered against the accused, including one case in a Singapore court.

“Allegations against the accused are serious in nature as a fraud of serious nature has been committed vide which he has siphoned the money to some other place and purpose other than the object which was granted to him,” it said.

Advocate Arshdeep Singh Khurana, appearing for the accused, told the court that the new address at Gurgaon was recently changed for which an affidavit to that effect has been filed acknowledging the earlier mistake on his part that it was not informed within time.

The counsel said that the accused was neither called, nor summons was issued against him at any point of time in this regard.

It is further stated that the applicant has always joined the investigation as and when required by the IO and during the entire process he has been called only once.

The present case was filed based on a written complaint was filed by a Deputy General Manager of State Bank of India, alleging that Prakash and other accused persons and the company committed cheating, criminal conspiracy, criminal misconduct, and misappropriation of the public money, during the period from April 1, 2015, to April 25, 2018, causing loss to the tune of Rs 806.07 crores to the consortium of banks.

An FIR was lodged for offences punishable under sections 120-B (criminal conspiracy), 420 (cheating) 406 (criminal breach of trust), and various sections of the Prevention of Corruption Act against Educomp Infrastructure and School Management Limited and its directors and unknown public servants and unknown private persons.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)