Directorate of Enforcement (ED) has taken a significant step in the Shakti Bhog Foods money laundering case by provisionally attaching 59 immovable and movable properties worth Rs. 28.67 Crore. The attachment has been made under the Prevention of Money Laundering Act (PMLA) and involves individuals such as Sunil Dhupar, former CA and statutory auditor of M/s Shakti Bhog Foods Ltd, and others associated with the company.
The money laundering investigation by the ED was initiated based on an FIR registered by the CBI against M/s Shakti Bhog Foods Ltd and others for various offenses, including criminal conspiracy and bank fraud amounting to Rs. 3269.42 Crore. The company was involved in utilizing bogus sale-purchase bills from shell entities to siphon off loan funds and falsely inflate the turnover of SBFL Group companies. Sunil Dhupar and Indeep Singh Arora played roles in orchestrating the movement of illicit funds through bank accounts.
Earlier, the ED had conducted searches and arrested several individuals involved in the case, including Kewal Krishan Kumar, Siddharth Kumar, Tarun Kumar, Raman Bhuraria, Ashok Kumar Goel, and Devki Nandan Garg. Prosecution and supplementary complaints have been filed, and the court has taken cognizance of the offenses. Various properties belonging to the accused persons and related entities have been previously attached, bringing the total attachment in the case to Rs. 129.11 Crore.
Relevant Press Release is as follows:-
Enforcement Directorate, Press Release
14.06.2023
Directorate of Enforcement (ED) has provisionally attached 59 immovable and movable properties including 53 plots, commercial shops, Industrial plots, agricultural land located at Delhi, Noida, Sonepat (Haryana), Jalandhar, Hyderabad and balances in bank accounts having value of Rs. 28. 67 Crore belonging to Sunil Dhupar, former CA and statutory auditor of M/s Shakti Bhog Foods Ltd (SBFL) & his family members/companies, Indeep Singh Arora & his family members and accommodation entry operator Devender Kumar under the Prevention of Money Laundering Act (PMLA), 2002 in the case of M/s Shakti Bhog Foods Ltd. (SBFL).
ED initiated money laundering investigation on the basis of FIR registered by CBI against M/s Shakti Bhog Foods Limited others, for criminal conspiracy, cheating and criminal misconduct resulting in bank fraud of Rs. 3269.42 Crore. Shakti Bhog Foods Limited utilized bogus sale-purchase bills from shell entities under the management and control of Devender Kumar & other entry operators for siphoning off loan funds and fictitiously enhancing the turnover of SBFL Group companies, without having any genuine business transactions. Sunil Dhupar, CA and Indeep Singh Arora, Advocate were involved in settlement of SEZ Land Deal of SBFL by orchestrating the movement of proceeds of crime through bank accounts of family members and shell entities.
Earlier in this case, ED had conducted searches on various premises and 6 persons namely Kewal Krishan Kumar, CMD of SBFL, Siddharth Kumar, Director of SBFL, Tarun Kumar, VP (Purchase) of SBFL, Raman Bhuraria, CA of SBFL, Ashok Kumar Goel and Devki Nandan Garg, both entry operators, had been arrested under the provisions of Prevention of Money-laundering Act, 2002. At present three persons Siddharth Kumar, Tarun Kumar and Ashok Kumar Goel are in judicial custody. One Prosecution Complaint and three Supplementary Complaints against all accused persons have been filed before Hon’ble Special Court and cognizance of the offence against accused persons has been taken by the Hon’ble Court. Prior to this, ED had attached various immovable and movable properties of the accused persons and other entities having book value of over Rs. 100.44 Crore. The total attachment, as on date, in this case stands at Rs. 129.11 Crore.
Further investigation is under progress.
