Observing that economic offences were a modern threat to the development of the country, the Madras High Court has refused to allow businessman ‘Aircel’ C. Sivasankaran to visit Seychelles as well as France as he was facing multiple cases that were being investigated by the Central Bureau of Investigation (CBI), Directorate of Enforcement (ED) and Serious Fraud Investigation Office (SFIO) for allegedly defrauding IDBI Bank to the tune of over ₹600 crore.
Justice A.D. Jagadish Chandira rejected the businessman’s plea to be allowed to travel abroad after taking into consideration the gravity of the charges levelled against him, the involvement of a huge amount of public money in alleged criminal transactions and the absence of an extradition treaty between India and Seychelles.
The petitioner, Mr. Sivasankaran has been accused of defrauding the bank in collusion with its former employees. He had obtained Seychelles nationality and also sought immunity by claiming to be a diplomat representing that country.
