The Karnataka High Court upholds an order by the Enforcement Directorate (ED) relating to the seizure of assets in the Genpact case. The ED had accused that a total of Rs 7,635.9 crore was transferred out of India through arrangements involving Genpact’s Luxembourg entity.
According to the ED, the amount consists of Rs 4,600 crore in principal and Rs 3,035.90 crore in interest. The ED’s case describes a fund-routing scheme that it alleges involved FDI round-tripping and the use of a non-convertible debenture (NCD) route to move funds abroad. NDTV reports that the High Court decision maintains the ED’s seizure action.
Across the provided coverage, the focus remains on the court’s confirmation of the ED seizure order and the ED’s allegation of how the funds were routed to Genpact Luxembourg. The reports do not indicate, in the excerpts provided, any differing factual claims between outlets beyond the shared account of the amount and the alleged mechanism used to transfer it.
