Court allows accused in Rs 60,000-crore ponzi scam case to travel abroad for daughter’s education purpose

A Delhi court has allowed a man accused in a money laundering case related to the alleged Rs 60,000-crore ponzi scam involving the Pearls Group to travel abroad to explore educational institutions for his daughter.

Special Judge Rajesh Kumar Goel allowed Hemant Patil to travel to Luzern and Zurich in Switzerland from October 14 to 22, noting that he was not arrested during the investigation and the supplementary complaint (ED’s equivalent to a charge sheet) was filed against him without his arrest.

Patil was granted bail on April 20 and the court had directed him not to leave the country without its permission.

“There is nothing on record indicating that the accused ever tried to abscond even during the investigation or avoided his appearance before this court. Keeping in view the facts and circumstances of the present case and the submissions made, the present application stands allowed,” the judge said.

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The application stated that Patil wished to travel along with his wife as they were desirous of exploring higher secondary educational institutions in Switzerland for their daughter.

The ED opposed the application, saying that the accused was facing trial for serious economic offences and if he was permitted to travel abroad, there was every likelihood that he may not be available to stand trial and would flee justice.

According to the complaint, the accused prima facie violated the provisions of the SEBI Act and regulations of the SEBI (CIS) Regulations, SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) in the alleged ponzi case.

According to the regulator’s complaint, the firm had allegedly “illegally mobilised around Rs 60,000 crore”.

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