ED arrests Rakesh Kumar Gupta in Delhi over insolvency manipulation
Rakesh Kumar Gupta, chairman of Sadhna Group, has been arrested by the Enforcement Directorate, or the ED, in Delhi for allegedly laundering money and dodging taxes.
Authorities say he manipulated insolvency proceedings to slash his company's tax bill from ₹110.10 crore down to just ₹20 lakh.
After his arrest, a Ghaziabad court sent him to ED custody for five days so investigators could dig deeper.
SEBI fined Rakesh Kumar Gupta 58cr
Gupta's troubles started after Delhi Police filed an FIR accusing him of pocketing over ₹2 crore illegally and making shady payments to connected creditors, including his own Sharpline Broadcast.
Last year, SEBI fined him ₹58 crore for share manipulation in Sadhna Broadcast, which he paid up.
Even though Gupta argued there were no complaints from SEBI or tax officials now, the court wasn't convinced and backed further investigation due to big losses for the government.