In a 1st, resolution professional held by ED for colluding with promoters of bankrupt co The Enforcement Directorate (ED) has arrested Arvind Kumar, a former resolution professional for Richa Industries Ltd., on charges of collusion, asset siphoning, and money laundering during insolvency proceedings. This marks the first such arrest of an RP by an enforcement agency. The ED's investigation revealed unexplained cash deposits and illicit fund transfers linked to the company's original bank fraud. #money_laundering #Enforcement_Directorate #insolvency_proceedings #Arvind_Kumar #Industries_Ltd. #Richa_Industries #resolution_professional #arrested_Arvind #asset_siphoning #professional_held
NCLT recalls order awarding Alchemist to ‘sister concern’ The withdrawal of the corporate resolution order by NCLT, a rare occurrence, happened after Enforcement Directorate approached the Delhi bench with evidence of money laundering by the group and how the promoters had allegedly created a front entity with “proceeds of crime”, making it a financial creditor with 97% voting rights to grab the firm under insolvency proceedings. #money_laundering #Enforcement_Directorate #awarding_Alchemist #Directorate_approached #Delhi_bench #NCLT_recalls #sister_concern’ #rare_occurrence #insolvency_proceedings #corporate_resolution
