Ratul Puri Cleared in ₹1,101 Crore Moser Baer Fraud Cases Due to Lack of Evidence

The Central Bureau of Investigation (CBI) had earlier filed separate chargesheets—one related to Moser Baer India Ltd (₹354 crore) and another for Moser Baer Solar Ltd (₹747 crore).

In January, a Chief Judicial Magistrate (CJM) dropped charges against Puri and others in the Moser Baer Solar case, followed by a Special CBI Court in May doing the same for the Moser Baer India Ltd case.

According to judicial rulings, the evidence presented by the CBI was insufficient to suggest criminal conduct at the stage of framing charges. Courts held that the allegations resembled civil disputes rather than criminal wrongdoing.

In the Moser Baer India case, Judge Sanjeev Aggarwal observed that while some suspicion may exist, it was not significant enough to warrant a trial. He concluded that the dispute largely reflected commercial disagreements rather than a deliberate attempt to defraud.

Similarly, CJM Deepak Kumar, who oversaw the solar unit case, pointed out the absence of criminal intent (mens rea) in the allegations. He noted that the CBI seemed to be commenting on business practices rather than exposing fraud. The judge emphasized that the transactions under scrutiny had not been portrayed as mechanisms for siphoning off funds.

The refusal of public sector banks to grant the CBI permission to prosecute their own officials further weakened the agency’s case. Since the allegations were seen as involving both company executives and bank staff, the denial of sanction protected the accused from prosecution.

Additionally, the CJM highlighted that Moser Baer's financial records had been routinely audited and shared with regulatory bodies, including banks, without any objection being raised.

Despite these rulings, the CBI has filed a revision petition challenging the discharge in the solar unit case, with a hearing scheduled for July. The agency also intends to contest the other court order soon.