India, July 19 -- A special CBI court has stayed the proceedings against fugitive diamantaire Mehul Choksi in connection with a 2022 bank fraud case against him and others for allegedly defrauding the tune of Rs.55.27 crore, a consortium of banks led by Canara Bank and Bank of Maharashtra. The court noted that the Esplanade court, while issuing a summons against the accused, failed to provide detailed reasons in its order.

The court stayed the proceedings after Choksi's lawyer, Advocate Vijay Agarwal, moved a plea on behalf of Choksi and co-accused Aniyath Nair against the Esplanade court order stating that the magistrate court had passed the order in a "mechanical manner without application of mind" and without perusing the documents on...