4 months ago
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The Enforcement Directorate has arrested Sandeep Gupta, a erstwhile promoter and suspended managing manager of Richa Industries Limited (RIL), and taken him into custody for 8 days for questioning.
The accused was produced earlier a tribunal successful Gurugram, which sent him to ED remand. The lawsuit is based connected a First Information Report registered by the Central Bureau of Investigation alleging cheating and transgression conspiracy by the accused for causing losses to the tune of ₹236 crore to nationalist assemblage lending banks betwixt 2015 and 2018.
According to the ED, Richa Industries had systematically recorded fictitious income without immoderate existent proviso of goods, including fabric cloth income of ₹7.42 crore, and fabricated solar-related income of ₹8.50 crore to aggregate ammunition companies operated by assorted introduction operators.
“The invoices and ledger entries for these transactions were recovered to beryllium forged and manipulated, with outstanding balances and inter-division transfers utilized to conceal non-receipt of payments. These actions resulted successful artificial ostentation of turnover and deliberate misrepresentation of the company’s fiscal presumption to mislead lenders and different stakeholders,” it said.
Richa Industries allegedly booked bogus purchases of Zero Liquid Discharge plants and machinery worthy ₹9.23 crore from a non-operational entity whose concern profile, Goods and Services Tax details and Harmonised System of Nomenclature codes were wholly inconsistent with specified supplies.
The bureau further alleged that betwixt 2015-16 and 2017-18, astir ₹16.40 crore was siphoned disconnected to radical entities nether the guise of indebtedness repayments. In 2018-19, institution funds were utilized to get a controlling involvement successful Richa Krishna Constructions Private Limited, diverting a invaluable Rohtak task during the Corporate Insolvency Resolution Process (CIRP). During the aforesaid period, shares of Richa Infrastructure were transferred astatine a “gross undervaluation”, causing fiscal losses to RIL.
It is alleged that Mr. Gupta played a large relation successful diverting the assets of the firm debtor conscionable earlier the commencement of the CIRP. He besides floated a fig of ammunition concerns that were utilized for diversion of assets. An entity named Saariga Constructions Private Limited (SCPL) was acceptable up utilizing a erstwhile worker of Richa Industries.
“Through coordinated efforts, SCPL is said to person fraudulently secured voting rights successful the Committee of Creditors (CoC), enabling the Gupta household to obstruct and power the CIRP successful their favour...during the insolvency period, Sandeep Gupta and his household purportedly retained unlawful power implicit RIL’s operations, entered into agreements, and drew remuneration successful wide usurpation of statutory norms...,” the bureau said, citing different alleged violations.
The CIRP failed to effect successful an approved solution plan, starring the National Company Law Tribunal to bid liquidation connected June 11, 2025, and name a liquidator. Subsequently, an e-auction was conducted connected October 16, 2025, astatine a reserve terms of ₹96 crore, with a consortium of Kaveri Industries and Narendra Kumar Srivastava emerging arsenic the palmy bidder.
“In the process, nationalist assemblage banks, namely IOB and Union Bank, received ₹40.29 crore against admitted claims of ₹696 crore, resulting successful an approximate 94% haircut,” it said.
