The Supreme Court has stayed the Bombay High Court order allowing Suman Vijay Gupta to travel to the UAE | Photo credit: Reuters

The Supreme Court has stayed the Bombay High Court order allowing Suman Vijay Gupta, chairperson of a Mumbai-based private company, to travel to the United Arab Emirates in connection with a case of defrauding the State Bank of India of ₹3,300. Ten million.

Shri Gupta is the Chairman of Ushadev International Limited (UIL).

A bench of Chief Justice DY Chandrachud and Justice PS Narasimha on Thursday took note of the submissions of Solicitor General Tushar Mehta that law enforcement agencies have bad experience of allowing economic offenders and fraudsters to go abroad on personal ventures as they hardly Ever respect your ventures and come back here to face the proceedings.

“She is the chairperson of a company which took a loan of ₹3,300 crore. The CBI is probing (the matter). After the loan was declared an NPA (non-performing asset), she renounced her citizenship of India and Have received.” of Dominica,” the top law official said.

A Look Out Circular (LOC) was issued and she was barred from travelling, she said, adding that the Bombay High Court asked if she filed an undertaking saying that she would return to face legal proceedings Then he will be allowed to go. His.

“We have had very bad experience with ventures,” said Mr. Mehta.

“We will issue a notice. Pending further orders, the order of the High Court will be stayed,” the bench said.

Mr. Mehta said that after the fraud was detected, insolvency proceedings were initiated against UIL and the CBI subsequently registered a case against Mr. Gupta, who renounced his Indian citizenship and became a Dominica citizen while living in the United Arab Emirates .

Mr Gupta had come to attend his nephew’s wedding and the LOC was issued in 2020, he said.