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A Delhi court has summoned Enforcement Directorate (ED) Director Rahul Navin over the agency’s failure to provide clear copies of crucial documents to the accused in a case under the Prevention of Money Laundering Act (PMLA).
Additional Sessions Judge Aparna Swami issued the order after ED Deputy Director Dipin Goyal informed the court that the copies provided to the accused were the best available with the department.
“In view of the submissions and the delay in the matter about providing legible copies, as seen from the order sheets dated 28.03.2024, this court deems it appropriate to direct the Director of ED along with the Investigating Officer to appear in court and give in writing the status of documents to be provided to the accused persons,” the judge stated in the January 25 order. The next hearing is scheduled for March 26.
The case pertains to a prosecution complaint filed by the ED against Gajendra Nagpal, his wife Sonia Nagpal, Ram Mohan Gupta, and their companies, including Unickon Securities Pvt Ltd, Unickon Fincap Pvt Ltd, Unickon Financial Intermediaries Pvt Ltd, Unickon Real Estate Pvt Ltd, and i360 Staffing and Training Solutions Pvt Ltd. The allegations involve cheating and fraud linked to the Securities and Exchange Board of India (SEBI).
Unickon Securities, a stockbroker and depository participant of Central Depository Services Limited (CDSL), has been accused of defrauding investors. According to the ED, “From January 2014 onwards, approximately 4,156 investors approached SEBI, filing complaints about non-receipt of their funds and securities. Subsequently, a SEBI inquiry highlighted multiple violations of the SEBI Act, Rules, and Regulations. Thereafter, the ED initiated an investigation into this Rs. 88 crore fraud under the Prevention of Money Laundering Act, 2002.”
The prosecution complaint, filed before Patiala House Court in 2022, remains at the stage of document scrutiny. The court’s decision to summon the ED Director underscores the seriousness of the delays in providing legible copies, which are crucial for the accused to mount their defense effectively.
This development highlights the procedural roadblocks in high-profile financial fraud cases and raises concerns over the efficiency of investigative agencies in ensuring fair trials. The March 26 hearing will determine the next course of action regarding the pending documentation issue.
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