ED seizes cash, freezes bank accounts in raids linked to Richa Industries fraud case
New Delhi, Dec 6 (IANS/WISHAVWARTA) The Enforcement Directorate (ED) has conducted search operations at eight residential and commercial premises in Gurugram and Faridabad on December 3 and 4 under the Prevention of Money Laundering Act (PMLA), targeting M/s Richa Industries Ltd (RIL), its promoters — Sandeep Gupta, Manish Gupta and Sushil Gupta — and associated group companies.
The probe stems from a CBI FIR invoking various sections of the IPC and the Prevention of Corruption Act, alleging criminal conspiracy, cheating and misconduct that caused wrongful gains to the accused and a loss of about Rs 236 crore to banks between 2015 and 2018.
According to the ED, searches and investigations have uncovered a concerted conspiracy by the Gupta family to siphon off RIL’s assets and subvert the Corporate Insolvency Resolution Process (CIRP).
The promoters allegedly floated a shell firm — M/s Saariga Constructions Pvt Ltd (SCPL) — using a former RIL employee as a benamidar. Through coordinated efforts, SCPL purportedly obtained voting rights in the Committee of Creditors (CoC), enabling the family to obstruct and influence the CIRP in their favour, an official statement of the probe agency said.
Investigators further found that during the insolvency period, the promoters continued to exercise unlawful control over RIL, entered into agreements, and drew remuneration in violation of statutory norms.
The ED has also flagged the conduct of Resolution Professional Arvind Kumar, alleging that he colluded with the promoters by failing to file avoidance applications or act on multiple fraudulent transactions highlighted in audit reports.
Evidence indicates that proceeds of crime were routed through SCPL, which later submitted a resolution plan to re-acquire RIL — a move investigators say reflects a strategic attempt to regain control via a proxy entity.
The promoters — Sandeep Gupta, Manish Gupta and Shweta Gupta — also allegedly submitted fraudulent affidavits during personal insolvency proceedings by concealing assets to seek immunity from bank liabilities.
The searches led to the seizure of digital devices and incriminating documents, including details of assets held by directors, claims filed, audited financials, tally data, shell companies linked to the Gupta family, legal records, fraudulent affidavits and evidence of fund diversion. Several bank accounts of the promoters and related persons with balances exceeding Rs 40 lakh were frozen, the statement further said.
Officials also seized Rs 8 lakh in cash and four high-end vehicles belonging to related and benami companies used by the Gupta family. Further investigation is underway.
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