Mumbai: Amid US–Israel–Iran Conflict, Court Blocks Iran Trip Of Fraud-Accused Businessman
· Free Press Journal
Mumbai: Amid the ongoing conflict involving the US, Israel and Iran, Mumbai-based businessman Minesh Shah, who is under investigation for money laundering, approached a special court under the Prevention of Money Laundering Act (PMLA) seeking permission to travel to Iran and other countries for business purposes.
The court allowed him to visit other destinations but denied permission to travel to Iran, observing that doing so would not be “just and proper” under current circumstances. Shah was named as a suspect in a 2022 money-laundering case registered by the ED, stemming from a CBI probe into an alleged loan fraud. Investigators alleged that Shah’s firm, Max Flex & Imaging Systems Ltd, obtained credit facilities by submitting inflated stock statements and fabricated balance sheets.
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The alleged fraud caused a loss of ₹464.41 crore to a consortium of banks led by the State Bank of India and eight other member banks. The court said: “With regard to travel to Iran, in the current situation of war, it is not just and proper to permit the applicant to travel.”
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