ANI | The Enforcement Directorate (ED) on Sunday arrested Kewal Krishan Kumar, CMD of Shakti Bhog Foods Limited from the national capital under the provisions of the Prevention of Money-laundering Act, 2002 (PMLA) in a case of alleged criminal conspiracy, cheating, and criminal misconduct.
As per the ED, this arrest was in continuation of a search that was carried out at nine premises located in Delhi and Haryana.
During the search, various incriminating documents and digital evidence have been recovered, the ED said.
The agency had initiated a money-laundering investigation on the basis of FIR registered by CBI against Kewal Krishan Kumar and unknown others, for criminal conspiracy, cheating, and criminal misconduct.
“The allegations against the accused include diversion of funds from loan accounts by round-tripping of funds through related entities and siphoning of funds was being done by way of suspicious sale/purchase from various entities,” the official release reads.
After his arrest, he was produced before the Special Court on July 4 and the Court granted custody to ED till July 9.
The Court noted that in the considered opinion of the Court remand of the accused was necessary and justified for fair and complete investigation of the matter.
Further investigation is under progress, it added.
