ED Arrests Three Individuals Under PMLA Act In Multi-Crore Fraud Case
(Judicial Quest News Network)
Gurugram, July 3, 2024 — The Directorate of Enforcement (ED), Gurugram, has made significant strides in the investigation of a complex financial fraud case involving M/s Sunstar Overseas Ltd. & others, by apprehending three key suspects. The arrested individuals, identified as Rakesh Kumar Gulati, a Chartered Accountant, Paramjeet, and Ajay Yadav, were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
This development follows an intensive probe initiated by ED subsequent to an FIR lodged by the Central Bureau of Investigation (CBI), ACB, Chandigarh, against M/s Sunstar Overseas Ltd. (SOL) and its former directors, including Rakesh Aggarwal, Rohit Aggarwal, Manik Aggarwal, and Sumit Aggarwal. The FIR charged them with a litany of offenses under the Indian Penal Code, 1860, alleging fraud, criminal misappropriation, criminal breach of trust, cheating, and causing wrongful loss amounting to over Rs. 950 Crore to a consortium of nine lender banks.
During the course of ED’s investigation, it was unearthed that M/s SOL, in collusion with its ex-promoters, directors, and various related entities, illicitly diverted substantial loan funds through fabricated trade transactions and fictitious debtors. Shockingly, despite acknowledged claims against M/s SOL totalling Rs. 1274.14 Crore, the company was acquired through Corporate Insolvency Resolution Process (CIRP) proceedings for a mere Rs. 196 Crore by M/s Umaiza Infracon LLP, an entity allegedly serving as a shell company without legitimate financial backing.
Further scrutiny revealed that the funds channeled into the shell entity were sourced from the embezzled funds of M/s SOL, orchestrated under the directives of its former directors and facilitated by their trusted Chartered Accountant, Rakesh Gulati. Immediately following the National Company Law Tribunal (NCLT) order, control over M/s SOL was surreptitiously transferred to another front company, M/s Shivakriti Agro Pvt. Ltd. (SAPL), purportedly operated by the same ex-directors and promoters through their associates, including Paramjeet and other former employees.
Rakesh Gulati’s involvement as the common Chartered Accountant for both M/s SOL and M/s SAPL, along with numerous affiliated entities, underscores a systematic effort to regain control over an insolvent enterprise through deceptive financial maneuvers.
The Hon’ble Special Judge (PMLA), Tis Hazari Courts, Delhi, has granted ED custody of all three accused for seven days, until July 9, 2024, to facilitate further interrogation and evidence collection. ED has affirmed that the investigation remains ongoing, with efforts focused on unraveling the full extent of financial malfeasance and bringing all involved parties to justice.
For now, the arrests mark a pivotal moment in the pursuit of justice against white-collar crime, emphasizing ED’s commitment to safeguarding financial integrity and upholding the rule of law.
Investigating Officer: Directorate of Enforcement (ED), Gurugram
