The IIT and Harvard Business School alumnus suffered a setback after the court yesterday upheld the verdict of the trial court that had sentenced him to two years in prison on insider trading charges.
Rakoff, who had presided over Gupta's trial in the summer of 2012, said in his February 24 order denying Gupta's request to travel to India that there is significant flight risk if Gupta is allowed to travel to his homeland, with which he has “immense ties”.
Rakoff said Gupta's “motivation to flee is inherently strong at this juncture” when the “only thing” that stands between him and his imprisonment was his pending appeal.
“India would be the ideal place for him (Gupta) to flee. He has immense ties to that country and more than significant assets with which to maintain a comfortable life there. If his application (to travel to India) were granted, he could enter India lawfully with excellent opportunities to delay extradition for years or avoid it altogether,” Rakoff had said adding that the wedding could take place in Gupta's absence.
The judge also said that Gupta's family, which has close ties to India, could “readily visit” him there or even “relocate” if Gupta settles in India.
While Gupta had offered to sign a “waiver of extradition,” Rakoff cited the “immense delays” in the execution of “even the simplest judicial acts in India” suggesting that extraditing Gupta to the US could take years or be avoided totally.
