BENGALURU: In a major setback to the Central Bureau of Investigation (CBI), the Karnataka High Court has stayed the non-bailable warrant issued against international fugitive Sudheer Sriram, one of the key accused in a `1,200 crore metal scam.
Sriram, one of the directors of Future Metals Ltd, is accused of cheating the Spice Trading Corporation of India, a Government of India undertaking.
Sudheer had been avoiding appearance at the trial court for more than five years citing various reasons. However, his brother, Naveen Sriram, filed a petition before the High Court seeking a stay order or recall the execution of the warrant issued by a trial court to bring Sudheer Sriram back to India, without being extradited.
In response to this, the warrant was stayed by Justice L Narayanaswamy.
This comes as a setback to the CBI as the government has initiated extradition proceedings to bring Sudheer Sriram back to India.
The CBI, Delhi branch, plans to file an appeal before the Supreme Court against the stay, sources said.
Though Sudheer Sriram is a UAE resident, his family is in Bengaluru. After five years of no show, Sudheer finally ran out of luck when the trial court judge issued an NBW. The CBI, Delhi branch, issued a red corner notice via the Interpol, after which Sudheer was taken into custody in Spain. The Central government had initiated extradition proceedings for his return.