Sandeep Aggarwal, co-founder of online marketplace, Shopclues who had earlier pleaded guilty to an insider trading charge in his previous job as an analyst at Collins Stewart in the US, is now back in India according to a source close to the development.
Sandeep had asked a New York federal judge to allow him to visit his family in India in July earlier this year. The request was relayed to U.S. District Judge Colleen McMahon via a letter and written by Matthew L. Schwartz, one of the attorneys working the case for the government.
The U.S. had agreed to a “revised bail package” which permitted Sandeep to get his passport and was allowed to travel to India for 6 months in exchange for a significant increase of his bail security which includes increased bail amount from $250k to $750k with further conditions.
“Given the increased security, the government has no objection to the trip,” the letter said. “And as the court may recall, the defendant was permitted to travel to India once before without incident.”
As per the agreement, Sandeep has to return to the U.S. by January 31, 2015, unless he is asked to return earlier by the court or the government.
“The purpose of this trip is for the defendant to see his wife and children, including to help them move to a new home.. While the defendant is in India, he will be in regular telephonic contact with the FBI case agent in this matter, who has been working with the defendant in connection with his ongoing cooperation,” said the letter.