Overview
- The ED’s Gurugram unit arrested Sandeep Gupta on January 20, 2026, and a Special PMLA Court in Gurugram sent him to eight days of custodial interrogation.
- The money-laundering probe draws on a CBI FIR alleging cheating and conspiracy that caused about ₹236 crore in losses to public sector banks during 2015–2018.
- According to the ED, Richa Industries booked fictitious sales, including ₹7.42 crore in cotton fabric and ₹8.50 crore in solar-related invoices to shell firms, using forged entries and inter-division transfers to mask unpaid dues and inflate turnover.
- Findings cited by the agency include bogus purchases of ZLD machinery worth ₹9.23 crore, diversion of roughly ₹16.40 crore to group entities, use of company funds to acquire control of Richa Krishna Constructions, and undervalued transfer of Richa Infrastructure shares.
- The agency alleges the Gupta family manipulated the CIRP through a shell entity, Saariga Constructions, to influence CoC voting and retain control, while the failed resolution ended in a June 2025 liquidation and an October 2025 auction that returned ₹40.29 crore against ₹696 crore in admitted claims.