In a significant development in the ₹100 crore share market scam case, the High Court has quashed the First Information Report (FIR) and Look Out Circular (LOC) issued against four petitioners — Navnik Mario Pereira, Sushant Manohar Ghode, Nolan Lawrence Antao, and Vijay Dattatray Joil.
The case revolves around an alleged large-scale financial scam involving the stock market, with Myron Rodrigues identified as the prime accused. The petitioners had approached the High Court seeking relief from what they claimed were unjust criminal proceedings initiated against them.
While delivering the verdict, the court noted that the names of the four petitioners did not figure in the chargesheet filed by the Crime Branch, and that there was insufficient material on record to implicate them directly in the offence. Based on this observation, the court set aside both the FIR and the Look Out Circular issued in their names.
The order marks a major relief for the petitioners, who had maintained that they were wrongly dragged into the case and had no direct involvement in the alleged scam.
The share market scam, which reportedly involved fraudulent investment schemes and financial misappropriation, is still under investigation, with proceedings against the primary accused ongoing.