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2022 (7) TMI 316 - BOMBAY HIGH COURTSeeking withdrawal of travel restrictions and LOC issued against the Petitioner - HELD THAT:- It is not in dispute that the investigation of serious fraud wherein a huge loss to public exchequer is caused and certain offenders are yet to be nabbed. Learned Counsel appearing for Respondent No. 2 – SFIO was justified in submitting before this Court that as there is some material showing that the Petitioner had invested the funds for purchasing the shares of the said company and though, there was an order of SEBI on some aspects the Petitioner had not supplied the true and complete information and the investigating agency needs to unearth various links and if the Petitioner is permitted to travel abroad, the possibility of evading of the Petitioner and ultimately hampering the investigation cannot be ruled out. Reliance placed in the case of MR. CHAITYA SHAH VERSUS THE UNION OF INDIA AND OTHERS [2021 (11) TMI 662 - BOMBAY HIGH COURT] where it was held that The LOC is properly issued, it is extended through proper procedure and the appropriate authority has approved its extension. The Petitioner’s presence is necessary for effective investigation into the affairs of Gitanjali Gems Limited and other concerns - There is a strong flight risk as far as the Petitioner is concerned and, therefore, the relief sought for in this Petition cannot be granted. The Petition is devoid of merits, deserves to be dismissed - Petition dismissed.
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