Summary
- The Delhi High Court has granted bail to Punit Narendra Garg, former Executive Director of Reliance Communications Limited, in a money laundering case, emphasizing that participation in transactions only constitutes money laundering if the assets are proceeds of crime.
- The Court found reasonable grounds to believe Garg was not guilty at this stage, noting the lack of sufficient evidence linking his assets to scheduled offences and the lengthy duration of his custody.
- It highlighted that refinancing earlier borrowings does not automatically imply that the assets were derived from criminal activity, necessitating further examination during trial.
- Garg's release comes with conditions including surrendering his passport and providing contact details to the Investigating Officer, as the trial is unlikely to conclude soon.
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