Delhi Court Grants Bail to Man in ₹329 Crore Illegal Overseas Transfer Case

Delhi Court Grants Bail to Man in ₹329 Crore: A Delhi court has granted bail to a man arrested in a money laundering case linked to the alleged illegal transfer of funds worth Rs 329 crore outside India using "forged" import bills.

Additional Sessions Judge Aparna Swami granted relief to Jatin Chopra, who was taken into custody on September 15, 2024, saying that "owing to further investigation which is pending, the trial of the applicant cannot commence".

"If the applicant is left to languish in custody for the said further investigation to be completed, it would frustrate the objective of law which guarantees to the accused the right not to be detained beyond 90 days on account of pendency of the investigation," the judge said in an order passed on February 20.

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Advocate Dhruv Gupta appeared for the applicant.

The Enforcement Directorate had arrested Chopra, claiming that he "failed" to join the probe despite being summoned several times.

The money laundering case stems from an FIR lodged by the Special Cell of the Delhi Police.

The ED arrested Ashish Kumar Verma, Vipin Batra, Rupesh Batra and Mohan Madaan in the case in July last year.

The accused, according to the federal agency, incorporated 20 shell or dummy entities and opened multiple bank accounts that were used for "acquiring" foreign currency to the tune of USD 452,31,799 "on the strength of fake and forged documents" like PAN, Aadhaar and voter ID.

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"The proceeds of crime were transferred abroad in the guise of payment for import of services. These persons were involved in a massive international racket/fraud in which foreign currency was being acquired and proceeds were transferred outside the country in a disguised manner through fraudulent means.

"It caused a threat to economic security and financial system of the country, and resulting in loss to various government departments and wrongful gains to the accused," the ED claimed.

They set up 10 shell entities and opened accounts in the Canara Bank, the ED said, adding that they transferred these "illicit" funds to Singapore and Hong Kong in the guise of third-party payments against fake import of garments from Bangladesh.

This way, the agency has said, proceeds of crime to the tune of Rs 329 crore were acquired in the said bank accounts and then transferred abroad.

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