CRM-M/22257/2026 of SANDEEP GUPTA Vs DIRECTORATE OF ENFORCEMENT on 27 August 2026

1. hand’) ha regular ba of ECIR/ Directorat Money La

2. and the p (hereinaft engineere from the fraudulen

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THE HIGH COURT OF PUNJA THE HIGH COURT OF PUNJA THE HIGH COURT OF PUNJA THE HIGH COURT OF PUNJA CHANDIGA CHANDIGA CHANDIGA CHANDIGA

Gupta

V/s te of Enforcement

ecision: ecision: ecision: ecision: 27

27.08.2026 .08.2026 .08.2026 .08.2026 Uploading : Uploading : Uploading : Uploading : 29.08.2026 .08.2026 .08.2026 .08.2026 : : : : HON’BLE MR. JUSTICE SU HON’BLE MR. JUSTICE SU HON’BLE MR. JUSTICE SU HON’BLE MR. JUSTICE SU Mr. Preetinder Singh Ahluwa Mr. Tejeshwar Singh, Advoc Mr. Aryan Bajaj, Advocate f Mr. Zoheb Hossain, Senior A Mr. Lokesh Narang, Senior P Ms. Shubhleen Dhariwal, Ad ***** ***** ***** ***** T GOEL T GOEL T GOEL T GOEL, J. , J. , J. , J. The present petition (herein as been filed by the petitioner – ail in Case No.COMA-13 of 202 /GNZO/03/2021 dated 31.3.20 te (hereinafter referred to as ‘ aundering Act, 2002 (hereinafter The gravamen of the allega prosecution complaint is that ter referred to as ‘RIL), a comp ed building activities, had availe e bank(s) and its accounts w

t. The scheduled offence regi

AB AND HARYANA AT AB AND HARYANA AT AB AND HARYANA AT AB AND HARYANA AT ARH ARH ARH ARH

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....Petitioner

....Respondent UMEET GOEL UMEET GOEL UMEET GOEL UMEET GOEL alia, Senior Advocate with cate and for the petitioner. Advocate (through VC) Panel Counsel and dvocate for the respondent-ED. nafter referred to as ‘petition in –– Sandeep Gupta for grant of 26 dated 19.03.2026 arising out 21 registered by Enforcement ‘ED’) under the Prevention of r referred to as ‘PMLA’). ations emerging from the ECIR M/s Richa Industries Limited pany engaged in textile and pre- ed substantial financial facilities were subsequently declared as istered by the CBI relates to

n f t t f R d - s s o MAHAVIR SINGH 2026.08.29 16:45 I attest to the accuracy and authenticity of this order/ judgment

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allegation bank fund Directorat proceedin prosecutio about ₹2 Directorat recorded relating to allegation systematic manipulat related-pa not genui funds aw ultimately further al (hereinaft Riyana In were used alleged pr valuable Saariga C handling

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ns of criminal conspiracy, chea ds. On the basis of the said sche te registered ECIR No.GNZ ngs under the Prevention of Mon on case is that the alleged fraud 236 crores. The material relie te includes forensic audit rep under Section 50 of the PMLA o several companies and entities n is that the funds and bu cally diverted through shell e ted accounts, accommodation en arty transactions. As per the pro ine commercial transactions bu way from RIL, layering them y projected the tainted funds as lleged that several entities i.e. S ter referred to as ‘SCPL’), Sub nfratech Pvt. Ltd. and Richa K d in the process of diversion, lay roceeds of crime. The prosecut projects and business opportun Constructions Pvt. Ltd. and th the funds, connected with the ating, forgery and diversion of eduled offence, the Enforcement ZO/03/2021 and commenced ney Laundering Act, 2002. The resulted in proceeds of crime of ed upon by the Enforcement ports, bank records, statements A, digital evidence and records connected with RIL. The broad usiness assets of RIL were entities by using fabricated or ntries, corporate guarantees and osecution, the transactions were ut were structured to move the through different entities and s legitimate money. It has been Saariga Constructions Pvt. Ltd. bhash Gupta & Sons Pvt. Ltd., Krishna Constructions Pvt. Ltd., yering, possession and use of the tion has further alleged that the nities of RIL were diverted to he latter became a conduit for alleged proceeds of crime. The

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prosecutio communic including commerci has been executed which, ac already be facto pers the projec prosecutio from RIL to give th accommo amount o the guise arrangeme RIL, shiel the procee

2.1. Sons Pvt. aggregatin money. A the appea

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on has further relied up cations to allege that creatio the execution of agreements wi ial arrangement but was part of further alleged that the agreeme even before Neha Singh formal ccording to the prosecution, ind een worked out. The ED has de son in control behind SCPL and ct was jointly planned by the p on has further alleged that SCPL and these funds were shown in hem a legitimate appearance. It h odation entries were created thr f unaccounted cash was introdu e of share capital/loans etc. ent had facilitated diversion of lding of revenues from the insol eds of crime as untainted propert The prosecution has further Ltd. was used as a conduit by t ng, layering and projecting th As per the complaint, amount(s) arance of legitimate business pon statements and digital on and functioning of SCPL, ith RIL, was not an independent f a pre-planned arrangement. It ent between RIL and SCPL was lly became a Director of SCPL, dicates that the arrangement had escribed the petitioner as the de has alleged that the diversion of petitioner and Neha Singh. The L had received substantial funds its books in such a manner so as has been further alleged that the rough certain NBFCs and large uced into the banking channel in As per the prosecution, this f valuable business contracts of lvency process and projection of ty. alleged that Subhash Gupta & the petitioner and his family for he proceeds of crime as clean received from RIL were given transactions while the funds

l , t t s , d e f e s s e e n s f f & r n n s MAHAVIR SINGH 2026.08.29 16:45 I attest to the accuracy and authenticity of this order/ judgment

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received f The prose acquisitio benefits. Brands ha family.

2.2. company for the pr knowingly the alleg Construct was incor (hereinaft off the b affairs.

2.3. against th merely a prosecutio and opera sheet itsel has also prosecutio

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from other entities were retained ecution has further alleged that t on of assets, expansion of the The diversion of funds to Ric ad been made for the personal b In respect of Riyana Infrat was used for diverting the fund romoter family of RIL; and the y participated in the activities re ged proceeds of crime. Wit tions Pvt. Ltd., the prosecution rporated during the Corporate ter referred to as ‘CIRP’) of RIL business of RIL and the petitio The specific role, as delineat he petitioner is that, the petitio a formal Director of RIL or on has attributed to him an activ ational affairs of RIL and its conn lf describes him as the then Ma been arrayed as an accused i on has alleged that the petitione d through purported loan entries. the tainted fund(s) were used for family business and personal cha Infrastructure and Starshine benefit of the petitioner and his tech, the allegation is that the ds and generating personal gains e petitioner, being its Director, elating to possession and use of th regard to Richa Krishna n has alleged that the company Insolvency Resolution Process L with an intention of siphoning oner exercised control over its ted in the prosecution complaint oner – Sandeep Gupta was not its group companies but the ve role of handling the financial nected entities. The CBI charge- anaging Director of RIL and he in the scheduled offence. The r exercised control over various

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group com proceeds although its de fact financial communic support th functionin during the material p influence insolvenc Resolutio and he re upon the circumsta that of a p further all acquired worth of t value from alleged th promoter

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mpanies and used them for div of crime. In relation to SCPL, the petitioner was not shown as cto controlling authority and gav and other matters. The prosecu cations and statements of pers he allegation that the petitione ng. Furthermore, the petitioner e Corporate Insolvency Resolut placed by the prosecution, the p over important projects even y proceedings. The petitioner is n Professional had authorized h ecommended payments to vendo progress of the projects. The pr ances to show that the involveme person merely assisting the Reso leged that Rahul Bansal, a close the shares in SCPL for a cons the Company, which shows the a m RIL. In relation to Riyana hat the company was used for family from assets and projec version and layering the alleged , the specific allegation is that, s a formal Director, he acted as ve directions and guidance in its ution has relied upon WhatsApp sons connected with SCPL to er was actively involved in its had played an important role tion Process of RIL. As per the petitioner continued to exercise n after commencement of the stated to have admitted that the him to oversee certain projects ors, including SCPL, depending rosecution has relied upon these ent of the petitioner was beyond olution Professional. It has been e associate of the petitioner, had sideration below the stated net alleged diversion of projects and a Infratech, the prosecution has making personal gains for the ts connected with RIL and the

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petitioner and enjoy

2.4. active par proceeds from his prosecutio companie concernin Special C the mater active inv affairs of

3. Ahluwalia iterated th already u counsel h the prose Court, sta relied upo which ar incarcerat custody, w

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r, as its Director, knowingly par yment of the alleged proceeds of The prosecution has attribute rticipant in the alleged diversion of crime rather than treating his designation as a Director. Th on includes statements of pers es, financial records, digital co ng the transactions between RIL Court, while rejecting his earlier rial collected during investigat volvement of the petitioner in RIL and its connected entities. Learned counsel for the a, Senior Advocate; espousing hat the petitioner has been in cu ndergone a substantial period o has further contended that invest cution complaint has already b and completed. It has been furthe on by the prosecution are predom re already in its possession tion of the petitioner, despite the would serve no useful purpose.

rticipated in the possession, use crime. ed to the petitioner the role of an n and subsequent handling of the s involvement as arising merely he material relied upon by the sons associated with the group ommunications and documents L and its connected entities. The r bail application, recorded that tion, prima facie, indicate the n the financial and operational petitioner; led by Shri. P.S the cause of the petitioner, has ustody since 20.01.2026 and has of incarceration. Learned senior tigation qua the petitioner, after been filed before the competent er contended that the material(s) minantly documentary in nature and, therefore, the continued e passage of considerable time in Furthermore, the trial is likely

e n e y e p s e t e l S s s r r t ) e d n y MAHAVIR SINGH 2026.08.29 16:45 I attest to the accuracy and authenticity of this order/ judgment

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to take co accused, v proposed emphasize and likeli circumsta

3.1. substantia statement hence, the the eviden not at flig this Court

3.2. is not in c

3.3. is neither capable o interest of

3.4. for a con question. near futur as predica

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onsiderable time, particularly in voluminous documentary materi to be examined by the prosecut ed that the length of custody, the ihood of the trial taking subst ances for the grant of bail to the p It has been argued that the e ally consists of documents, foren ts already recorded and digita ere is no reasonable possibility o nce. Furthermore, the petitioner ght risk and is ready to comply w t while granting the concession o Learned senior counsel has custody in predicate offence. Learned senior counsel has r in a position to intimidate th f influencing the course of trial f the ED. It has been contended that th nsiderable period of time i.e. ab Furthermore, there is no likel re as the case is still at the stage ate offence is concerned, the cha n view of the large number of ial and the number of witnesses tion. Learned senior counsel has e filing of prosecution complaint tantial time constitute relevant petitioner. evidence relied upon by the ED nsic audit reports, bank records, l material already seized and, of the petitioner tampering with has deep roots in the Society; is with any condition(s) imposed by of regular bail. further urged that the petitioner further urged that the petitioner he prosecution witnesses nor is in any manner prejudicial to the he petitioner has been in custody bout 07 months in the ECIR in lihood of the trial concluding in e of pre-cognizance, and insofar arge-sheet filed by the CBI relies

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upon 1245 prosecutio commenc persons. L i.e. the sch and, thus, constitute under Art

3.5.

4. by Shri Z hand by commerci material c diversion entities, i immediate appearing crime of a in financ controlled further re bank reco was direc

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5 documents running into more on witnesses whereas the trial ce as it is still at the stage of is Learned counsel has emphasized heduled offence as well as the P , the prospect of conclusion of tr es a grave violation of his fun ticle 21 of the Constitution of Ind On these grounds, the grant o In oppugnation, learned cou Zoheab Hussain, Senior Advoca arguing that the allegations ial transactions. According to collected during the course of in of bank funds, fabrication of ac issuance of corporate guarantee ely before the insolvency of g for the ED has argued that thes approximately ₹236 crores and cial and operational affairs th d or influenced by him. Learn elied upon the statements of wit ords and digital communication ctly connected with the entiti than 28,000 pages and cites 187 in scheduled offence is yet to ssuing notice to all the accused d that the trial of both offences MLA offence, is at nascent sage rial in near future is bleak which ndamental right to speedy trial dia of regular bail is entreated for. unsel appearing for the ED; led ate; has opposed the petition in are not confined to ordinary o learned senior counsel, the nvestigation shows a systematic counts, creation and use of shell es and layering of transactions RIL. Learned senior counsel se activities generate proceeds of the petitioner has an active role hrough network of companies ned senior counsel for ED has tnesses, forensic audit material, ns to contend that the petitioner ies through which the alleged

o d s e h l d n y e c l s l f e s s , r d MAHAVIR SINGH 2026.08.29 16:45 I attest to the accuracy and authenticity of this order/ judgment

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proceeds funds. It h is a cont importanc

4.1. collected petitioner proceeds requireme Furthermo if released

4.2. factum of months in him do no

4.3.

5. the record

6. Court is factors. T balancing considera the punis

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of crime were diverted, layer has been further contended that t tinuing offence and tracing the ce. Learned senior counsel has f during investigation prima facie r in generation, diversion, layerin of crime and the petitioner ha ents for grant of bail under ore, the likelihood of the petitio d on bail, cannot be ruled out at t Learned senior counsel ha f the petitioner being incarcerate n the ECIR in question vis-à-vis ot, ipso facto, warrant his release Thus, dismissal of the petitio I have heard learned counsel d. While adjudicating a prayer required to undertake a carefu The exercise is necessarily conte g of the competing considera ations are the nature and gravity o shment prescribed for the alle ed and projected as legitimate the offence of money-laundering e money trail is of substantial further iterated that the material ie establishes involvement of the ng, possession and utilization of as failed to satisfy the statutory r Section 45 of the PMLA. oner evading the process of law, this stage. as vociferously urged that the ed for a period of more than 07 the nature of allegations against e on regular bail. on in hand is canvassed for. for the rival parties and perused r for grant of regular bail, the l assessment of a multitude of extual and calls for a judicious ations. Amongst the relevant of the accusation; the severity of eged offence; the precise role

e g l l e f y . , e t d e f s t f e MAHAVIR SINGH 2026.08.29 16:45 I attest to the accuracy and authenticity of this order/ judgment

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attributed during i individual prosecutio have been accused; t of law; t likelihood discernibl offence; th of investi the likelih possibility incarcerat special or release on accusation alleged to criminalit design, th financial the vuln perpetrati have occu

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d to the accused; the nature and q investigation; whether the a lised or vague and omnibus; t on case; the circumstances in w n committed; the antecedents and the likelihood of the accused abs the possibility of influencing d of tampering with or destroyi le from the material on record, he possibility of repetition of the igation or trial; the period of in hood of the trial being conclude y of the accused being subje tion without adjudication of g r compelling circumstance which n bail. The Court may also, dep n(s), take into consideration the o have been conceived and e ty is individual or forms part he number of persons allegedly or pecuniary benefit derived, th erability of the victims, the ng the alleged offence, and wh upied a position of authority, tru quality of the material collected allegations are specific and the prima facie strength of the which the offence is alleged to d criminal history, if any, of the sconding or evading the process or intimidating witnesses; the ing evidence; the propensity, if to commit a similar or further e offence; the stage and progress ncarceration already undergone; ed within a reasonable time; the ected to an unduly prolonged uilt; and the existence of any h may bear upon the question of pending upon the nature of the manner in which the offence is executed, whether the alleged of an organised or concerted involved, the extent of alleged he magnitude of the loss caused, e sophistication employed in hether the accused is alleged to ust or control which was utilised

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in the com the accu cooperatio attempts endeavou

6.1. complexio though in account b characteri conscious Unlike an impulse o depending conduct, p or layerin corporate coordinate violence, criminalit

6.2. material disclose a specific a

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mmission of the offence. Equally used before and after registr on with the investigation, com to evade the process of law, ur to frustrate the investigation or The aforesaid consideration on in cases involving econom nvariably not attended by phy be regarded as less serious. Econ ised by calculated design, del s abuse of financial, commerc n offence which may be comm or sudden provocation, an econom g upon its factual matrix, invo preparation, manipulation of re ng of funds, creation of fictiti or fiduciary structures, con ed participation of several per therefore, cannot by itself dilut ty or the potential consequences This distinction assumes pa collected during investigation, a general or omnibus allegation a and direct material connecting y relevant may be the conduct of ration of the case, including mpliance with previous orders, or conduct suggestive of an r trial. ns acquire a somewhat distinct mic offence(s). Such offence(s), ysical violence, cannot on that nomic offence(s) are frequently iberation, sophistication and a cial and fiduciary mechanisms. mitted in a moment of passion, mic offence(s) may, indubitably olve a preconceived course of cords or transactions, diversion ious documentation, misuse of ncealment of the proceeds or rsons. The absence of physical te the seriousness of the alleged flowing therefrom. articular significance where the prima facie, does not merely against the accused, but contains the individual with the alleged

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transactio founded u trails, com other con bail, prim Court wou greater cir conduct a trial; neve substantia demonstra conduct.

7. the allega From the forthcomi RIL, and operations prima fa including individual were siph during the role of th

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on or the modus operandi of the o upon identifiable transactions, d mmunications, corporate records ntemporaneous material which, a ma facie attributes a definite and uld necessarily be required to ap rcumspection. The Court is not a meticulous appreciation of evid ertheless, it is equally impermi al probative significance which ates a direct nexus between the a Adverting to the factual con ations against the petitioner ar material available on record, a ing in respect of the petitioner w thereby in active and direct c s of RIL and other group conce acie, there appears to exist s , statement of witnesses, Wh ls connected with SCPL (throug honed-off); the alleged direct e CIRP proceedings; are suffic he petitioner in alleged offence.

offence. Where the accusation is documentary material, financial s, statements, digital evidence or at the stage of consideration of d active role to the accused, the pproach the prayer for bail with expected, at the stage of bail, to dence as would be undertaken at issible to disregard material of h, on a prima facie assessment, accused and the alleged criminal nspectus of the petition in hand, re grave and serious in nature. rather specific and direct role is who has effective control of the control of affairs and financial erns and companies. Moreover, sufficient material on record, hatsapp communications, with gh which the proceeds of crime involvement of the petitioner ient to reflect direct and active As per the prosecution version,

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the petiti generation Crores (ap

7.1. petitioner thereafter witnesses allegation petitioner thus, assu including such evid proceed i prejudge upon by e is no basi are reason offence(s)

7.2. This perio nonce, to incarcerat especially him. The

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ioner through this nefarious m n and further laundering of pr pproximately). The ECIR in question was r was arrested on 20.01.2026 and r filed on 19.03.2026. The p , whose evidence would be ns levelled against the petitione r being direct and specific, the umes significance. The witnes key witnesses, are yet to be exa dence cannot be assessed at this in accordance with law and th the evidentiary value of the s either side, lest it may prejudice s nay tangible basis, whereupon nable grounds for believing that t ) as alleged. The petitioner is in custody f od, by itself, cannot be construed afford benefit of bail to the peti tion when considered vis.-a-v y in the backdrop of the nature prosecution complaint has been modus, has been involved in roceeds to the tune of Rs.236 registered on 31.03.2021; the d the prosecution complaint was rosecution complaint cites 25 material for determining the er. The allegations against the examination of key witnesses, sses cited by the prosecution, amined & therefore, the effect of s stage. The trial is required to his Court cannot, at this stage, statements or documents relied the trial. At this juncture, there n this Court is satisfied that there the petitioner is not guilty of the for a period of about 07 months. d to be sufficient, at least for the itioner on the ground of his long vis the present stage of trial e etc. of the allegations against n filed but the material witnesses

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are yet to stage as w incarcerat

7.3. petition in bail to the

8.

(i) dismissed

(ii) hereinabo Court sha influenced

(iii) August 27 Ajay/mahavir

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be examined & the custody per would warrant interference merel tion already suffered by the petit Keeping in view the entiret in hand, this Court does not deem e petitioner at this stage. In view of the prevenient rati The petition in hand is de d, for the nonce. Any observations made ove shall not have any effect on all proceed further, in accord d with this order. Pending application(s), if any

7, 2026 r Whether speaking/reasoned: Whether reportable:

riod has not progressed to such a ly on the ground of the period of tioner. ty of the factual milieu of the m it appropriate to afford regular iocination, it is ordained thus: evoid of merits and is hereby and/or submissions noted n merits of the case and the trial dance with law, without being y, shall also stand disposed of.

(SUMEET GOEL) (SUMEET GOEL) (SUMEET GOEL) (SUMEET GOEL)

JUDGE JUDGE JUDGE JUDGE

Yes/No

Yes/No

a f e r y d l g MAHAVIR SINGH 2026.08.29 16:45 I attest to the accuracy and authenticity of this order/ judgment