India, Feb. 10 -- Siphoning of public money must be viewed very seriously by courts because such offences seriously challenge the financial stability of the country, the Bombay High Court recently said while dismissing a petition related to an alleged Rs.464.41-crore bank fraud.

A division bench of chief justice Shree Chandrashekhar and justice Gautam Akhand made the remarks last week while rejecting a petition filed by a Mumbai resident, an accused in the fraud, who challenged the look-out circulars (LOCs) issued against him. The bench said that the petitioner, Nimesh Navinchandra Shah, had "no justifiable reason" to invoke the high court's intervention.

Shah had approached the high court urging it to quash the LOCs against him by the ...