The Rajasthan High Court on Tuesday stayed an arrest warrant issued against Dhir & Dhir Associates’ managing partner and an employee of Alchemist Asset Reconstruction, Alok Dhir in relation to the State Bank of India (SBI) loan scam.

Essentially, the arrest warrant was issued by a Jaisalmer court on February 12, 2020, against Alok Dhir and another employee of Alchemist Asset Reconstruction, Sasi Madathil.

The Bench of Justice Vinit Kumar Mathur noted that the FIR, in which the warrant was issued against Dhir and Madathil, contained similar allegations to an FIR which has already been quashed by the Supreme Court

Facts in brief

The instant FIR was registered in the year 2015 in connection with Jaisalmer Hotel Project, which was financed by the SBI in the year 2007.

Having conducted the investigation in the matter, the police had initially filed a closure report, in response to that, the complainant in the case moved a protest plea, which was ultimately allowed in February 2020 and the petitioners were summoned by issuing the warrant of arrest straight away without having been summoned earlier to this.

It was argued before the Court that on identical facts, in the year 2017, an FIR was registered at Jaipur calling into question this very transaction, however, the FIR was later on quashed by the Supreme Court.

The Counsel for the petitioner also stressed that the matter was civil in nature and an FIR on similar facts was already quashed by the Supreme Court.


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