ED arrests Sadhna Group chairman in ₹168cr money laundering case
What's the story
Rakesh Kumar Gupta, the Chairman of Delhi-based media and broadcast company Sadhna Group, was arrested by the Enforcement Directorate (ED) on Friday. The arrest was made under the Prevention of Money Laundering Act (PMLA). Gupta has been accused of indulging in irregularities related to the Insolvency and Bankruptcy Code processes.
Custody
Gupta produced before Additional Sessions Judge
Gupta was produced before Additional Sessions Judge Saurabh Pratap Singh Laler at his residential camp office in Ghaziabad today.
The court granted the ED five-day custody of the accused, while the agency has sought his remand for seven days.
The money laundering case against Gupta stems from a September FIR lodged by Delhi Police's Economic Offences Wing (EOW).
Case details
Accused of manipulating insolvency of Sadhna Media
The police complaint alleges that Gupta manipulated the insolvency of Sadhna Media Pvt. Ltd. (SMPL) with related creditors holding 99.41% of the Committee of Creditors (CoC).
This was allegedly done to settle ₹110.10 crore in income tax dues for just ₹20 lakh.
Further, he is accused of receiving over ₹2 crore in cash through cryptocurrency/hawala on the resale of SMPL/Aryan TV, and leading SMPL to pay ₹4.48 crore to connected creditors.
Regulatory findings
Allegations against Gupta by ED
The ED's remand papers reveal that the Securities and Exchange Board of India (SEBI) had in May 2025 identified Gupta as the "mastermind" behind the "manipulation" of shares of Sadhna Broadcast.
The regulatory body had also held him and others "jointly and severally liable" for around ₹58 crore.
The ED claims that the alleged proceeds of crime in this case amount to ₹168 crore.
Legal proceedings
Court rejects arguments put forth by defense counsel
Gupta's defense counsel argued that neither SEBI nor the Income Tax Department had complained against him.
They also claimed he received a no dues certificate from the tax department and paid a penalty imposed by SEBI.
However, the court rejected these arguments, stating that "the action taken by the ED cannot be said to be illegal merely because there is no complaint by the SEBI or I-T department."
Investigation rationale
Court deemed investigation necessary and Gupta's arrest lawful
The court stressed that the SEBI order, though under challenge, indicates the complaint has some basis and isn't baseless.
It also noted that an NCLT order passed in 2024 hasn't been challenged but can't stop the ED from investigating allegations where over ₹100 crore loss to exchequer is alleged.
The court deemed the investigation "necessary" and found Gupta's arrest lawful.