3 months ago
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The Enforcement Directorate (ED) has intensified its enactment against the irregularities successful the proceedings nether the Insolvency and Bankruptcy Code (IBC), carrying retired arrests, searches, and facilitating restitution of attached properties to banks and homebuyers successful aggregate cases involving alleged fraud and money-laundering.
Earlier this month, the bureau arrested Arvind Kumar, who worked arsenic a Resolution Professional of Richa Industries Limited from December 2018 to June 2025. In the aforesaid case, pertaining to an alleged nonaccomplishment of ₹236 crore to nationalist assemblage banks, erstwhile promoter and suspended managing manager of the company, Sandeep Gupta, was besides arrested previously.
The bureau alleged that during Mr. Kumar’s tenure arsenic Resolution Professional, important funds from Richa Industries Limited were diverted to those intimately linked to him. “Bank records further amusement unexplained currency deposits exceeding ₹80 lakh successful his idiosyncratic accounts, on with credits of implicit ₹1 crore received from his related parties who had earlier been beneficiaries of payments from the company,” the bureau said.
The accused helped acceptable up a manipulated Committee of Creditors, handing decisive voting powerfulness to the erstwhile promoters. The purported acts of the Resolution Professional successful orchestrating a “pro-promoter” conspiracy resulted successful a “staggering 94% nonaccomplishment (haircut) to nationalist assemblage banks”. After liquidation of Richa Industries Limited, banks received ₹40 crore against admitted claims of ₹708 crore, the bureau said. Mr. Kumar’s registration arsenic Resolution Professional was suspended by the Insolvency and Bankruptcy Board of India for 2 years for the related alleged contraventions.
In a abstracted case, connected February 3, pursuing the ED’s intervention, the National Company Law Tribunal recalled the Corporate Insolvency Resolution Process (CIRP) successful the Alchemist Group substance for alleged misuse of the process to launder the proceeds of crime. It held that the insolvency proceedings were vitiated by fraud, collusion, and malicious intent.
It is alleged that Alchemist Holdings Limited and Alchemist Township India Limited had collected implicit ₹1,840 crore from investors connected the pretext of offering precocious returns, plots, villas, and flats. The ED had earlier provisionally attached assets worthy ₹492.72 crore successful the case. According to the agency, the Committee of Creditors constituted during the CIRP was “dominated astir wholly by Alchemist Group entities”.
In December 2025, the bureau carried retired searches successful matters allegedly involving Angle Infrastructure Private Limited, the Resolution Professional, and Nauseva Buildwell LLP and its partners, based connected grounds of imaginable collusion during the CIRP of the firm debtor. Investigation is besides underway into the alleged defrauding of a nationalist assemblage bank, and minimal betterment effected done the merchantability of 2 acres of onshore for ₹31 crore, sold done a Memorandum of Understanding earlier the CIRP process, against a valuation of ₹160 crore during the CIRP.
The bureau besides gathered grounds of alleged collusion to coerce homebuyers to retreat complaints filed earlier the constabulary arsenic a pre-condition for resolution.
In different case, allegedly against Universal Buildwell Private Limited and others, the ED conducted searches successful November 2025 successful transportation with an “undervalued” merchantability of onshore done the purported misuse of the IBC process. The cognition included middlemen not portion of the insolvency process, the Resolution Professional, advocates of the National Company Law Tribunal, and RDB Infrastructure and Power Limited, the purchaser of the property.
The bureau besides helped reconstruct the unsold inventory of 354 flats, 17 commercialized units and 2 plots successful Project Royal Rajvilas astatine Udaipur, with a contiguous marketplace worth of astir ₹175 crore, to the palmy solution applicant of Udaipur Entertainment World Private Limited appointed nether the IBC, benefiting genuine homebuyers. “The contiguous restitution brings an extremity to the plight of 213 guiltless homebuyers who had been suffering for implicit 12 years and it has paved the mode for completion of the project,” the bureau said.
In yet different case, the bureau facilitated restoration of assets worthy ₹952 crore to rightful claimants done a tribunal directive dated June 25, 2025. The case, registered nether the Prevention of Money Laundering Act, was allegedly against Infrastructure Leasing & Financial Services Limited (IL&FS), its radical companies, and associated entities. The ED recovered that Vadraj Cement Limited had received ₹952 crore fiscal assistance from IL&FS Financial Services Limited, aboriginal declared a non-performing asset, aft which is assets were attached.
