New Delhi: The ED on Wednesday said it arrested three people, including a chartered accountant and a resolution professional, as part of a money laundering probe related to an alleged bank loan fraud linked to the recovery of control of a company NCLT insolvent.
Chartered accountant (CA) Rakesh Kumar Gulati, Ajay Yadav of resolution petitioner firm Umaiza Infracon LLP and a person identified as Paramjeet were arrested on July 1 by the Gurugram zonal office of the Enforcement Directorate (ED).
A special Prevention of Money Laundering Act (PMLA) court sent them to ED custody till July 9, the agency said in a statement.
The case belongs to Sunstar Overseas Ltd (SOL), its former directors Rakesh Aggarwal, Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal and others.
The money laundering case arises from a Central Bureau of Investigation (CBI) FIR lodged against the company and its former promoters on charges of fraud, criminal misappropriation, criminal breach of trust, cheating and causing wrongful loss of over 950 million of rupees to a consortium. from nine lending banks.
The former promoters, directors and key persons of the company, in connivance with each other and other related and unrelated entities, "illegally diverted" loan funds through bogus business transactions and creating fictitious debtors, the ED alleged.
The total claims admitted against SOL were Rs 1,274.14 million and the entity was acquired through Corporate Insolvency Resolution Process (CIRP) proceedings for just Rs 196 million by the resolution applicant, Umaiza Infracon LLP (by Ajay Yadav), which is a (fictitious) "shell". ) entity since it does not have its own funds, the agency said.
“The funds for the said shell entity were arranged from the funds siphoned off from SOL through its erstwhile related or unrelated companies and firms and other persons on the instructions of the former directors and promoters (of SOL) and its CA Rakesh Gulati.
"Immediately after the NCLT order, SOL was taken over by a front company Shivakriti Agro Pvt. Ltd. (SAPL), actually controlled and operated by former directors/promoters of SOL through a sham setup agreement," the ED said.
Shivakriti Agro Pvt Ltd has been controlled and managed by the former directors and promoters of SOL through Paramjeet and his other former employees.
"Rakesh Gulati, joint CA of SOL and SAPL, and related entities are involved in conspiracy and siphoning off loan funds to recover beneficial control and business of an insolvent company from the national company law tribunal (NCLT)," the Supposedly ED.
Chartered accountant (CA) Rakesh Kumar Gulati, Ajay Yadav of resolution petitioner firm Umaiza Infracon LLP and a person identified as Paramjeet were arrested on July 1 by the Gurugram zonal office of the Enforcement Directorate (ED).
A special Prevention of Money Laundering Act (PMLA) court sent them to ED custody till July 9, the agency said in a statement.
The case belongs to Sunstar Overseas Ltd (SOL), its former directors Rakesh Aggarwal, Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal and others.
The money laundering case arises from a Central Bureau of Investigation (CBI) FIR lodged against the company and its former promoters on charges of fraud, criminal misappropriation, criminal breach of trust, cheating and causing wrongful loss of over 950 million of rupees to a consortium. from nine lending banks.
The former promoters, directors and key persons of the company, in connivance with each other and other related and unrelated entities, "illegally diverted" loan funds through bogus business transactions and creating fictitious debtors, the ED alleged.
The total claims admitted against SOL were Rs 1,274.14 million and the entity was acquired through Corporate Insolvency Resolution Process (CIRP) proceedings for just Rs 196 million by the resolution applicant, Umaiza Infracon LLP (by Ajay Yadav), which is a (fictitious) "shell". ) entity since it does not have its own funds, the agency said.
“The funds for the said shell entity were arranged from the funds siphoned off from SOL through its erstwhile related or unrelated companies and firms and other persons on the instructions of the former directors and promoters (of SOL) and its CA Rakesh Gulati.
"Immediately after the NCLT order, SOL was taken over by a front company Shivakriti Agro Pvt. Ltd. (SAPL), actually controlled and operated by former directors/promoters of SOL through a sham setup agreement," the ED said.
Shivakriti Agro Pvt Ltd has been controlled and managed by the former directors and promoters of SOL through Paramjeet and his other former employees.
"Rakesh Gulati, joint CA of SOL and SAPL, and related entities are involved in conspiracy and siphoning off loan funds to recover beneficial control and business of an insolvent company from the national company law tribunal (NCLT)," the Supposedly ED.
