Karnataka HC dismisses Genpact's plea against ED seizure of Gurugram office

The ED alleges that the resulting entity repaid about Rs 7,800 crore, including principal and interest, to Genpact Luxembourg between 2018 and 2023 from the reserves of the Indian business. It has claimed that the transactions amounted to round-tripping and violated Section 4 of FEMA, which restricts Indian residents from holding foreign exchange, securities or assets outside India.