Mumbai, March 7: A local court on Tuesday declined to issue process against Big Bull Harshad Mehta and his associates Niranjan Shah and Jairaj Java in a case of alleged violation of Foreign Exchange Regulation Act (FERA) involving $6 lakhs, used in the securities scam in the early nineties. Hearing a fresh complaint by Enforcement Directorate (ED), additional chief metropolitan magistrate Usha Iyer, however, issued process against the three brothers of Harshad Mehta - Ashwin, Sudhir and Hitesh. The notices have been made returnable on March 14, the magistrate said in the operative part of the order delivered in the courtroom.
The verdict with a detailed reasoning would follow shortly.The court granted a week's time to ED which expressed its intention to challenge the order in a higher court. ED had filed two sets of complaints. One was filed on March 8, 1998, against Harshad, Niranjan and Jairaj alleging the same transactions involving $6 lakhs. While this one was pending, ED moved the same court on February 29 last with a fresh complaint of FERA violation concerning the same transaction. However, three more accused were added there in to involve Harshad's brothers.
The Magistrate has now issued process against the three accused in the fresh complaint although the old one still remains on record.
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