The Enforcement Directorate (ED) has arrested Kewal Krishan Kumar, chief managing director of Shakti Bhog Foods Limited, from New Delhi in a money laundering case.
Shakti Bhog Foods Limited, a 24-year-old company, has been accused of defrauding ten banks to the tune of over Rs 3,270 crore.
The allegations against the accused include diversion of funds from loan accounts, round tripping of funds through related entities and siphoning of funds through suspicious sale and purchase from various entities.
As per the ED, this arrest was in continuation of a search that was carried out at nine premises located in Delhi and Haryana.
This arrest was in continuation of the search which has been carried out at nine premises located in Delhi and Haryana. During searches, various incriminating documents and digital evidence was recovered,” said the ED
The Enforcement Directorate had initiated a money laundering investigation on the basis of an FIR registered by the Central Bureau of Investigation against Kewal Krishan Kumar and unknown others for criminal conspiracy, cheating and criminal misconduct. The CBI’s FIR was based on a complaint filed by the State Bank of India.
The Court noted that in the considered opinion of the Court remand of the accused was necessary and justified for fair and complete investigation of the matter.