Latest news with #SanjayMadan
Canada News.Net
9 hours ago
- Business
- Canada News.Net
Delhi HC approves 65.9 crore transfer from Indian accounts of ex-Canadian official in fraud case
New Delhi [India], June 25 (ANI): The Delhi High Court has recently permitted the Canada government to recover Rs 65.9 crore from the Indian bank accounts of Sanjay Madan, an Indian-origin former Canadian bureaucrat and his associates, in connection with a multi-crore embezzlement case currently under trial in the north American country. Delhi High Court's Justice Manmeet Pritam Singh Arora passed the order on June 23, instructing IndusInd Bank and RBL Bank to complete the Know Your Customer (KYC) procedures before transferring the funds. The court also froze all transactions from Madan's Indian accounts, with limited exceptions -- including the permitted remittance and payment of legal fees backed by valid documentation. Appearing via video conferencing, Sanjay Madan agreed to the fund transfer. His counsel informed the court that Madan's accounts held Rs 38 crore in IndusInd Bank and 29 crore in RBL Bank, and that Madan did not object to the remittance. The action stems from a Rs 290 crore fraud case involving Madan, a former IT director in Ontario's Ministry of Education. He allegedly orchestrated a 47.4 million Canadian Dollar (CAD) fraud between 2011 and 2020, using shell companies and exploiting COVID-19 relief programs. Sentenced to 10 years in prison in April 2023 after pleading guilty, Madan returned CAD 30 million as part of a plea deal and agreed to repay the rest over 15 years. Failure to comply could extend his sentence by another six years. The Canadian government filed the recovery suit under Section 84 of the Code of Civil Procedure, 1908, which allows foreign states to pursue legal action in India with official consent. The court also directed several Indian banks--including YES Bank, Kotak Mahindra, Axis Bank, ICICI Bank, IDBI Bank, and Punjab National Bank--to file affidavits detailing account holdings. Sanjay and another accused Vidhan Madan were ordered to disclose all their assets in India. (ANI)
Time of India
11 hours ago
- Business
- Time of India
Fraud case: Delhi HC allows Canada to recover Rs 65.9 crore from Indian banks of convict
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Delhi High Court has directed two private banks to remit Rs 65.9 crore in the bank account of the Government of Canada from the accounts of Sanjay Madan , an Indian origin former Canadian bureaucrat, in an embezzlement case before foreign Manmeet P S Arora passed the order after Madan, appearing virtually, gave his no objection if IndusInd Bank and RBL Bank remitted the money lying in the respective accounts under his name and his associates to the Crown (Government of Canada) after compliance with the counsel informed the court while Rs 38.3 crore was lying in IndusInd Bank, RBL Bank had Rs 29 court directed the banks to co-operate with Madan in getting the KYC compliance done within two weeks as the accounts were in a dormant condition."After the above said KYC compliance is done, defendant no. 5 (IndusInd Bank) and defendant no. 10 (RBL Bank) are further directed to remit an amount to the tune of Rs 65.9 crore in the bank account of the Crown/ plaintiff in accordance with applicable law/ rules," the high court said in its June 23 court was dealing with a suit filed by Government of Canada, seeking recovery of funds, rendition of accounts and the suit said, exploited his senior position within the Ministry of Education, Government of Canada to manipulate the payment system of the Support for Families Program, thereby diverting substantial sums into bank accounts under his direct or indirect was further stated Madan, in collusion with his associate, abused his authority as director of the access branch to rig the selection process for IT consultants (fee-for-service consultants) within the Ministry of Education, Government of Canada securing illicit commissions from vendors of record contractors and subcontractors through a kickback suit is part of ongoing efforts by Canadian authorities to recover funds allegedly diverted to India by Madan as part of a 47.4 million Canadian dollar (around Rs 290 crore) fraud perpetrated over several proceedings against Madan and his associate were said to have been initiated by the Canadian government in the Ontario Superior Court of Justice in April 2023, he was sentenced to 10 years in prison after pleading guilty to multiple counts of fraud, breach of trust, and money laundering As part of a plea agreement, Madan agreed to repay the entire defrauded amount, returning CAD 30 million upfront, and committing to pay the remaining over 15 foreign government urged the high court to restrain Madan and his associates from operating or transacting with any funds held in their Indian bank high court allowed Madan to use the bank accounts "only to the limited extent" of remitting this amount of Rs 65.9 crore and making payments for legal fees based on "valid invoices".It also directed YES Bank IDBI Bank , and others - to submit affidavits disclosing account information and transaction details within six court also directed Madan and another defendant to provide a full disclosure of assets in India and listed the matter for hearing in September.
India Gazette
12 hours ago
- Business
- India Gazette
Delhi HC approves 65.9 crore transfer from Indian accounts of ex-Canadian official in fraud case
New Delhi [India], June 25 (ANI): The Delhi High Court has recently permitted the Canada government to recover Rs 65.9 crore from the Indian bank accounts of Sanjay Madan, an Indian-origin former Canadian bureaucrat and his associates, in connection with a multi-crore embezzlement case currently under trial in the north American country. Delhi High Court's Justice Manmeet Pritam Singh Arora passed the order on June 23, instructing IndusInd Bank and RBL Bank to complete the Know Your Customer (KYC) procedures before transferring the funds. The court also froze all transactions from Madan's Indian accounts, with limited exceptions -- including the permitted remittance and payment of legal fees backed by valid documentation. Appearing via video conferencing, Sanjay Madan agreed to the fund transfer. His counsel informed the court that Madan's accounts held Rs 38 crore in IndusInd Bank and 29 crore in RBL Bank, and that Madan did not object to the remittance. The action stems from a Rs 290 crore fraud case involving Madan, a former IT director in Ontario's Ministry of Education. He allegedly orchestrated a 47.4 million Canadian Dollar (CAD) fraud between 2011 and 2020, using shell companies and exploiting COVID-19 relief programs. Sentenced to 10 years in prison in April 2023 after pleading guilty, Madan returned CAD 30 million as part of a plea deal and agreed to repay the rest over 15 years. Failure to comply could extend his sentence by another six years. The Canadian government filed the recovery suit under Section 84 of the Code of Civil Procedure, 1908, which allows foreign states to pursue legal action in India with official consent. The court also directed several Indian banks--including YES Bank, Kotak Mahindra, Axis Bank, ICICI Bank, IDBI Bank, and Punjab National Bank--to file affidavits detailing account holdings. Sanjay and another accused Vidhan Madan were ordered to disclose all their assets in India. (ANI)
