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CBI filed an FIR alleging that M/s Moser Baer India Limited and its directors caused financial losses of approximately Rs 354.51 crore. The investigation implicated director Ratul Puri, accused of siphoning loans, with Bhatnagar allegedly assisting by creating Pristine River Investment Limited in Dubai to receive approximately USD 14.18 million in proceeds. Bhatnagar was arrested on October 22, 2023, while attempting to return to Malta.
On November 7, Nitin Bhatnagar petitioned the Delhi High Court to increase his surety from INR 5 lakhs to INR 5 crores, aiming to address the Enforcement Directorate’s (ED) concerns regarding his potential failure to return to India.
The bench of Justice Chandra Dhari Singh recorded the submission of the parties and listed the matter for November 11, 2024.
During the proceedings, Advocate Zoheb Hussain expressed apprehension over the absence of an extradition treaty with Malta and questioned how authorities would ensure Bhatnagar’s return if he chose to move to his native country.
Advocate Vijay Kasana, representing Bhatnagar, argued for the revocation of the Look Out Circular (LOC) following his discharge, emphasizing his cooperation with authorities since 2020 and on multiple occasions prior to his arrest. He noted that Bhatnagar’s father, an Indian citizen residing in Sundarnagar, Delhi, had provided a personal surety of Rs 5 lakhs.
Advocate Kasana highlighted Bhatnagar’s consistent return to India, despite doubts about his reliability, and proposed an increase in the surety amount while affirming that Bhatnagar would not abandon his 80-year-old father.
The court acknowledged the existence of an active discharge order, indicating Bhatnagar was no longer an accused party. Nevertheless, Advocate Hussain pointed out that the investigation was still ongoing, leading the court to inquire about the nature of any remaining investigation, given the FIR and chargesheet had been filed and Bhatnagar had been discharged.
In a previous court hearing, Senior Advocate Vikas Pahwa, appearing for Nitin Bhatnagar, refuted ED's stand and argued before the bench that Bhatnagar must be granted permission to travel abroad as he has been discharged on merits.
In a connected matter, the court directed the Bank of Baroda to take appropriate measures to remove Ratul Puri’s name from the Central Fraud Registry within 15 days.
Case Title: Directorate Of Enforcement v Nitin Bhatnagar (CRL.M.C. 7571/2024)
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