The Directorate Directorate (ED), Mumbai has arrested a person in connection with a huge RS 96.68 Crore investment fraud. The accused, Sudhanshu Dwivedi was arrested on 2 June under the Prevention of Money Laundering Act (PMLA), 2002, after a FIR registered by the Mumbai police.
Dwivedi was produced for a special PMLA court in Mumbai and was granted by the court until 9 June.
According to ED, Dwivedi reportedly cheated an investor by promising a promising return on raw material investments. Initially he supplied grains to build trust. However, researchers say that he later stopped deliveries and transferred the money from the investor.
The probe showed that funds were routed by entities that were related to DWIVEDI’s family in an attempt to project the proceeds of crime as legitimate. “He created a fade with related companies to abuse the funds,” said the agency.
The case was originally registered under several sections of the Bharatiya Nyaya Sanhita, 2023, and The Arms ACT, 1959. The allegations include a criminal breach of trust, cheating and weapons without a valid permit.
On 27 May, ED officials carried out searches in various buildings that are connected to Dwiveedi, where various movable assets, documents and digital devices grab. According to sources, these items are now important evidence when tracing the money path.
ED officials are now aimed at following further layers of money laundering through Shell entities and family-controlled companies and further research is underway.
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