NEW DELHI: In a setback to the Enforcement Directorate (ED), Siddhant Gupta, the director of Kwality Limited, who is facing a PMLA case in connection with an alleged Rs 1,500 crore fraud, was granted permission by the Rouse Avenue Court on Friday to travel abroad (Singapore).
Earlier, the Enforcement Directorate (ED) had issued a look-out circular against him. Gupta will travel to drop off his daughter, who is going abroad for further studies, and to make necessary arrangements there.
The ED has alleged that Gupta, along with others, was involved in operating shell companies. Atul Tripaathi, the special public prosecutor who was appearing for the ED along with Simon Benjamin oppoaed the move of Gupta, saying the investigation in the case was going on.
“Gupta along with Sanjay Dhingra created number of shell firms and entities in order to enhance the turnover of Kwality Limited.
As per investigation, Gupta along with Dhingra, siphoned off the proceeds of crime, i.e the loan funds availed by the firm from the consortium of banks, for the purpose of creation of assets in their names and name of their family members and also in the name of entities which were beneficially owned by the accused,” the ED alleged.
The ED has said that in the larger public interest his LOC was opened. Gupta can try to influence the witness and hamper the investigation and there are also possibilities that he may not return to India, if granted bail.
Gupta’s anticipatory bail plea is also pending before the Rouse Avenue Court. However, the court allowed the plea of Gupta.
The ED’s case is based on CBI’s FIR. In the CBI’s case chargesheet was filed and Gupta was granted regular bail.
Gupta was earlier granted permission to travel to the USA.
