Mumbai court allows Raj Kundra to travel abroad between June and July

MUMBAI: A special court has on Tuesday granted permission to money laundering accused and businessman Raj Kundra, to travel abroad to multiple countries between June and July for business purposes. The Enforcement Directorate (ED) had strongly opposed the travel plea, arguing that allowing the travel created a possibility of Kundra absconding and jumping bail conditions.

Rejecting the objections raised by the investigative agency, the judge noted that the Look Out Circular issued against Kundra had already been cancelled by the Economic Offences Wing. “There is nothing on record to show that the applicant has misused the liberty granted to him. The right to travel abroad is an aspect of fundamental right guaranteed under the Constitution of India,” the judge said.

The court allowed Kundra to travel to Hong Kong, Dubai, Tokyo, Los Angeles, Toronto, and Melbourne on several dates between June 7 and July 27. “No prejudice will be caused, if the applicant is permitted to travel abroad as prayed subject to the permissibility of international air flight in current situation,” the judge said.

The court directed Kundra to deposit a security amount of Rs one lakh. Kundra is also directed to furnish a complete itinerary, including residential addresses, reachable phone numbers, and a working email ID to the investigating officer before leaving India. On his returning, Kundra has to immediately report to the investigating officer and submit a compliance report to the court. Further, the court directed that Kundra must attend the investigating agency immediately if required and must return to India if the trial reaches the stage of framing charges

The ED’s money laundering case originated from multiple FIRs registered by the Maharashtra and Delhi Police against Variable Tech Private Limited and several individuals, including now deceased Amit Bhardwaj. The ED alleged that the promoters collected vast sums in Bitcoins from the public by promising a 10 percent monthly return. Instead of using these funds for Bitcoin mining as promised, the promoters reportedly cheated investors and concealed the assets in obscure online wallets.