Pune: Jeweller Satish Punjabi Granted Bail in PNB Locker Theft Case
Pune, 13th October 2024: Jeweller Satish Punjabi has been granted bail by the Pune District Sessions Court following his arrest in connection with a locker theft at Punjab National Bank (PNB). The theft, which resulted in the loss of gold, diamond, and silver ornaments worth over ₹2.78 crore, involved multiple accused. However, the court clarified that Punjabi had no involvement in the illegal opening of the locker or the theft itself.
While granting bail, Additional Sessions Judge S.R. Salunkhe stated, “Punjabi had no role in breaking open the locker. Co-accused Surender Shahani gave him the gold ornaments, pretending they were his own. The applicant verified the ownership based on receipts provided and took precautions to document the gold ornaments to be melted. Punjabi went to the house of Shahani’s sister, where the gold was measured and taken into his possession. While much was argued about why he visited the sister’s house—something not typically done by a jeweller—it depends on the relationship between the goldsmith and the customer and how the business is conducted. From the investigation papers and prima facie evidence presented in this bail application, it appears that Punjabi acted in good faith while dealing with the gold, which he melted. He has cooperated with the investigation and has promised to continue doing so.”
Punjabi was released on a personal bond of ₹30,000 with a surety of the same amount, on the condition that he continues to assist with the investigation.
“Punjabi’s involvement was strictly post-incident, and his adherence to proper business protocols confirms his innocence. The decision to grant bail reflects the court’s recognition that he acted in good faith,” said his legal counsel.
During the court proceedings, Punjabi’s defense emphasized that he had no knowledge of the source of the gold and handled the transaction in accordance with standard jeweler practices. He followed all legal procedures, including verifying ownership with valid documents, and treated the sale as a routine transaction.
The court highlighted that Punjabi’s role in the case was peripheral, occurring after the locker had already been breached by Shahani. Punjabi had no reason to suspect any wrongdoing, as he meticulously documented the transaction, secured purchase receipts, verified identification, and conducted the transaction transparently through an authorized refinery.
The Court of Sessions observed that Punjabi had fully cooperated with authorities throughout the investigation, promptly providing all requested information and evidence. The court further noted that the charges against him did not indicate any malicious intent or criminal involvement, reinforcing that his role was strictly professional.
Given these circumstances and the lack of any direct connection to the crime, the court granted Punjabi bail, acknowledging that he posed no flight risk and had strong ties to the local community. Punjabi remains committed to cooperating with law enforcement as the investigation continues.
The case pertains to lockers at the Punjab National Bank in the Camp area of Pune. Complainant Yash Kapoor and accused Surender Shahani both had lockers at the bank. Shahani’s wife, who passed away 4-5 months prior to the incident, was a PNB employee, and the locker was in her name. On August 6, 2024, Shahani attempted to open the locker (of the complainant instead of his wife’s locker) using his key but was unsuccessful. He returned to the bank on August 7, 9, and 16, but was still unable to open the locker.
Co-accused Nayana Ajwani, a Senior Manager and in charge of the lockers, allegedly conspired with a Godrej Company employee (the manufacturer of the lockers) to open the complainant’s locker. Shahani subsequently removed all the valuables. When the complainant realized that his locker had been accessed and the valuables, worth ₹2.78 crore, were stolen, he filed an FIR at Lashkar Police Station.
