New Delhi: Taking action in a Rs 236 crore loan fraud, the ED arrested a Gurugram-based company’s suspended official for cheating that involved fictitious sales and misrepresentation to generate funds for money laundering, an official said on Thursday.
The Directorate of Enforcement (ED), Gurugram Zonal Office, arrested Sandeep Gupta, ex-promoter and suspended managing director of Richa Industries, under the provisions of PMLA, 2002, on January 20, 2026.
Later, he was produced before the Special Court (PMLA), Gurugram, which sent him to eight days’ ED custody.
The ED initiated an investigation based on the FIR registered by the CBI under various Sections of IPC, 1860 and PC Act, 1988 for the commission of offences of Criminal conspiracy, cheating and criminal misconduct by the accused persons thereby causing wrongful gain to themselves and causing substantial losses to the public sector banks to the tune of Rs 236 crore during the year 2015 to 2018.
Investigation findings revealed that Richa Industries had systematically recorded fictitious sales without any actual supply of goods, including cotton fabric sales of Rs 7.42 Crore and fabricated solar-related sales of Rs 8.50 crore to multiple shell companies operated by various entry operators, said the statement.
The invoices and ledger entries for these transactions were found to be forged and manipulated, with outstanding balances and inter-division transfers used to conceal non-receipt of payments, it said.
These actions resulted in artificial inflation of turnover and deliberate misrepresentation of the company’s financial position to mislead lenders and other stakeholders, said the ED.
Investigation revealed that Richa Industries booked bogus purchases of ZLD plant and machines worth Rs 9.23 crore from a non-operational entity whose business profile, GST details and HSN codes were entirely inconsistent with such machinery supplies.
Examination of Richa Industries Ltd.’s books revealed significant diversion of funds through related party transactions. Between FY 2015-16 and FY 2017-18, about Rs 16.40 crore were siphoned off to group entities under the guise of loan repayments.
During 2018-19, the company’s funds were used to acquire a controlling interest in Richa Krishna Constructions, diverting a valuable Rohtak project during CIRP. In the same period, shares of Richa Infrastructure were transferred at a gross undervaluation, causing financial loss to Richa Infrastructure.
Investigation revealed that Sandeep Gupta had played a major role in diverting the valuable assets of the corporate debtor just before the commencement of CIRP. He had also floated several shell concerns, and the same were utilised for diversion of assets of the corporate debtor at various time intervals, the ED said.
(IANS)
