The ED’s Gurugram team delivered a body blow to corporate fraudsters by arresting Arvind Kumar, former RP of Richa Industries Limited, in a sprawling money laundering investigation tied to a ₹236 crore bank heist. Kumar’s stint from late 2018 to mid-2025 ended in handcuffs on February 3, 2026, courtesy of PMLA charges, with a court approving eight days in agency custody.
This follows Sandeep Gupta’s detention, with roots in CBI’s chargesheet detailing a conspiracy that bled public banks dry via cheating and misconduct from 2015-2018. As RP, Kumar allegedly orchestrated fund misappropriation, funneling company cash through layered deals to cronies’ entities before reclaiming it personally.
Audit trails confirm ₹80 lakh+ suspicious deposits and ₹1 crore+ transfers into his accounts from company-paid parties—ill-gotten gains from the fraud, camouflaged within CIRP activities. Banks faced ruinous 94% haircuts, salvaging a mere ₹40 crore against ₹708 crore dues post-liquidation, compounded by IBBI’s suspension of Kumar’s credentials.
Such tactics, ED notes, sabotage insolvency goals, creditor rights, and systemic integrity. The agency vows comprehensive tracking of funds and accomplices, fortifying defenses against white-collar crimes in bankruptcy proceedings.