A Delhi court has dismissed a money laundering case against Ratul Puri, Moser Baer India Ltd, and 11 other accused individuals. The dismissal follows their discharge in the main case registered by the Central Bureau of Investigation (CBI). Special Judge Sushant Changotra of the Rouse Avenue Court dismissed the Enforcement Directorate's (ED) complaint against the accused on Thursday, July 24, 2025.

Those acquitted along with Ratul Puri and Moser Baer India Ltd. include Rajiv Agarwal, Rajiv Saksena, Shivani Saksena, Ajit Singh Bubber, M/S Tanay Holding Ltd., M/S Matrix Group Limited, M/S Pacific International FZC, M/S Tiramisu Holdings INC, M/S Midas Metals International LLC, M/S Indian Hydro Electric Power Pvt Ltd., and M/S Hindustan Power Projects Pvt Ltd.

Advocate Vijay Agarwal, representing Ratul Puri, argued that the existence of "proceeds of crime" is an essential condition for prosecuting a money laundering offense under Section 3 of the Prevention of Money Laundering Act (PMLA).

In May 2025, the Special CBI Court had already discharged all the accused. Judge Changotra stated that, based on the facts and the law, the offense under Section 3 read with Section 70 and punishable under Section 4 of the PMLA does not stand. Consequently, the complaint was dismissed and the proceedings were closed. However, the court added that the ED would be at liberty to proceed in accordance with the law.

The CBI had filed separate chargesheets against Puri and others concerning bank fraud cases involving Moser Baer Solar Limited, worth ₹747 crore, and Moser Baer India Ltd, amounting to ₹354 crore. In total, the alleged banking fraud cases amounted to ₹1,101 crore.

Earlier, in August 2024, a Delhi court dropped PMLA charges against a Maltese citizen accused in the Moser Baer India bank fraud probe, stating there was no legally admissible evidence against him to warrant a trial. The ED probe stemmed from a August 2019 FIR filed by the CBI, alleging that Moser Baer India Ltd and its promoters defrauded the Central Bank of India of ₹354.51 crore. The CBI and ED had booked Ratul Puri, his father Deepak Puri, and his mother Nita (Kamal Nath's sister).

In June 2025, courts discharged Ratul Puri in two separate alleged banking fraud cases totaling ₹1,101 crore, as the evidence presented by the CBI in its chargesheets did not reveal any criminality. A special CBI court discharged Puri and others in the Moser Baer India Ltd matter in May, while a chief judicial magistrate (CJM) did the same in the Moser Baer Solar Limited case in January.

The CBI registered the FIR against Moser Baer India Limited in 2019 and the FIR against Moser Baer Solar Limited in 2020 based on complaints from banks. The agency faced setbacks when separate courts refused to put the accused on trial based on the agency's chargesheets, concluding that the material submitted failed to establish prima facie criminality.