Top Court Acquits Man After 27 Years Over Lack of Proof

SC Said CBI Failed to Prove That the Property in Possession of Accused Was Stolen, and the Person Had Knowledge That It Was Stolen

- HT Correspondent

NEW DELHI: More than 27 years after a ₹6.7 crore fraud case involving Vijaya Bank was investigated by the Central Bureau of Investigation (CBI), the Supreme Court held the entire probe to be based on suspicion rather than proof. The court acquitted the lone remaining accused in the crime, jeweller Nandkumar Babulal Soni, and directed the return of 205 gold bars seized from him.

CBI alleged that the gold bars were received from the company that had opened the fraudulent bank account.

According to data from the World Gold Council, the annual average price of gold in India has increased by 16.6 times between 1997 and 2024. It was ₹12,006.1 per troy ounce (31.1 gram) in 1996 and ₹1,99,686.3 in 2024.