Delhi court discharges Nitin Bhatnagar in money-laundering case: ED pulled up

Delhi Court Discharges Kamal Nath’s Nephew’s Aide in Money-Laundering Case

In a recent development, 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. The Enforcement Directorate (ED) had accused Moser Baer, the main company involved, of defrauding Central Bank of India and other banks, with total proceeds of crime amounting to Rs 7,980 crore.

The court raised questions about how Bhatnagar, who was working as a relationship manager in Bank of Singapore, could have known that the funds were part of illegal activities. The ED alleged that Bhatnagar introduced a real estate company to help facilitate the transfer of funds between the accused parties.

Furthermore, the court criticized the banks for failing to report suspicious transactions and admonished the ED for relying on the statements of Rajiv Saxena, who had turned approver in the AgustaWestland scam case. The court expressed skepticism towards Saxena’s statements and urged caution in accepting them as evidence.

This case sheds light on the complexities of financial crimes and the challenges faced by law enforcement agencies in investigating and prosecuting such cases. Stay tuned for more updates on this developing story.