Delhi Court Slams ED, Discharges Kamal Nath's Nephew's Aide in Rs 354-Crore Bank Fraud Case
A Delhi court has discharged Nitin Bhatnagar, a close aide to senior Congress leader Kamal Nath's nephew Ratul Puri, in a money-laundering case where Central Bank of India was allegedly cheated out of Rs 354 crore.
EdMoney LaunderingBank FraudMoser BaerRatul PuriKamal NathReal EstateAug 19, 2024
The ED alleges that Moser Baer, the company which is the main accused in the case, had defrauded Central Bank of India and other banks and that the total proceeds of crime are worth Rs 7,980 crore. Ratul Puri was the executive director of Moser Baer.
The court questioned how Bhatnagar, who was only working as a relationship manager in Bank of Singapore, could have known that the funds were part of the dirty money. As per the ED, Bhatnagar had introduced a real estate company called IPF Real Estate Brokers LLC to help John Docherty and Ratul Puri receive funds worth $20 million from Rajiv Saxena, an accused in the case.
The court also pulled up banks, whose job it said was to report such suspicious transactions to the authorities. They failed to follow the due diligence procedures in sniffing out the crime money, said Judge Sanjeev Aggarwal.
The ED was also admonished for relying on the statements of Rajiv Saxena, who had turned approver in the AgustaWestland scam case. The court said that his statements must be viewed with suspicion and taken with a pinch of salt.
The court also questioned the ED's claim that the money had gone through a hawala channel, as the agency had failed to record statements of any hawala dealer. The prosecution is itself not sure about the true nature of the transactions in question, it added.
Moser Baer is a company that was allegedly involved in a bank fraud case. Ratul Puri, the executive director of the company, is the nephew of senior Congress leader Kamal Nath.The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and combating economic crimes in India.
Frequently Asked Questions
What is the case about?
The case is about a money-laundering case where Central Bank of India was allegedly cheated out of Rs 354 crore.
Who is the main accused in the case?
Moser Baer is the main accused in the case.
Who is Ratul Puri?
Ratul Puri is the executive director of Moser Baer and the nephew of senior Congress leader Kamal Nath.
What is the role of Nitin Bhatnagar in the case?
Nitin Bhatnagar is a close aide to Ratul Puri and was discharged by the court in the case.
What is the Enforcement Directorate (ED)?
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and combating economic crimes in India.
Related News Articles
Indian Housing Market Sees 12% YoY Price Growth in Q2 2024
Strong demand from homebuyers drives housing prices up 12% year-on-year in April-June quarter, while unsold inventory dips across major cities.
India on the Cusp of Revolutionizing Emerging Tech and Semiconductor Investments
Prime Minister Narendra Modi highlights India's growing stature in emerging technologies and semiconductor investments, making it an attractive destination for investors.
Mumbai Realty Market Sees Unprecedented Growth with Over 1 Lakh Registrations in 2024
Mumbai's residential market has sustained strong momentum in 2024, with September marking a key milestone as the city surpassed 100,000 property registrations — the fastest pace in a decade.
Prominent Indian Real Estate Magnate with a Net Worth of $4.2 Billion: A Business Journey
One of India's leading real estate entrepreneurs has built a formidable empire with a net worth of $4.2 billion. His strategic partnerships, such as Emaar MGF, have solidified his position in the industry and highlighted his ability to forge strong busine
EFC Limited Sees 5% Stock Surge After Reporting 230% YoY Net Profit Increase
EFC Limited, also known as the Entrepreneurial Facilitation Centre, is a prominent real estate enterprise based in Pune, Maharashtra, India. The company has recently reported a significant 230% year-over-year (YoY) increase in its net profit, leading to a
MSRDC Secures $2.5 Billion Funding for Mumbai's Ring Road Project
The Maharashtra State Road Development Corporation (MSRDC) has successfully secured $2.5 billion in funding commitments from various lenders for the ambitious Mumbai Ring Road project. This significant investment is expected to boost infrastructure develo