Shakti Bhog Foods CMD Arrested By ED On Money Laundering Case
- ByStartupStory | July 5, 2021
Shakti Bhog Foods, which is nearly a 2.5 decade old company based in the national capital, is into manufacturing and sale of wheat, flour, rice, biscuits etc. The SBI said that the company had grown organically as it ventured into food-related diversification over a decade with a turnover growth of ₹1,411 crore in 2008 to ₹6,000 crore in 2014, PTI further reported. Kewal Krishan Kumar Shakti Bhog Foods CMD arrested by ED on money laundering case. Issuing a statement, the ED said that Kumar was arrested from Delhi under the provisions of Prevention of Money Laundering Act (PMLA). “This arrest was in continuation of a search which has been carried out at nine premises located in Delhi and Haryana. During the search, various incriminating documents and digital evidence have been recovered,” the statement read.
After the arrest, Kumar was produced before a special PMLA court which sent him to ED custody till July 9. The central agency’s case is based on a first information report (FIR) filed by the Central Bureau of Investigation (CBI) against “Kewal Krishan Kumar and unknown others” for criminal conspiracy, cheating and criminal misconduct. The CBI’s FIR alleged a fraud of ₹3,269 crore on a consortium of 10 banks led by the State Bank of India (SBI), news agency PTI reported. The CBI’s FIR came after the SBI registered a complaint against Shakti Bhog Foods. The public sector bank said that directors of the company allegedly falsified accounts and forged documents to siphon off public funds. The ED in its statement also said the allegations against the accused included diversion of funds from loan accounts by round tripping of funds through related entities and siphoning of funds was being done by the way of suspicious sale or purchase from various entities.
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