Delhi HC approves 65.9 crore transfer from Indian accounts of ex-Canadian official in fraud case
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)
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