MUMBAI: Anubhav Agarwal, a director in the Ludhiana-based ARK imports and one of many key suspects in the Rs 5,600 crore National Spot Exchange Limited (NSEL) commodity fraud case, has been detained by the Abu Dhabi Interpol primarily based on a pink nook discover (RCN) issued in opposition to Agarwal (43) by town financial offences wing (EOW). He was the one accused in opposition to whom an RCN was issued in July 2018.
“Agarwal has been detained in Abu Dhabi based on our RCN. We are in the process to compile all the documents which will be sent for his extradition,” mentioned Rajvardhan Sinha, EOW chief. Inspector Ramchandran Lotlikar, chief investigating officer, mentioned that Agarwal had no commodity in his godowns and nonetheless offered on the NSEL platform. Bogus warehouse receipts, invoices and so on had been raised with the connivance of the NSEL officers and siphoned of the cash.” Agarwals’ three godowns had been raided by the EOW. “His registered office at the Industrial area near Janakpuri chowk in Ludhiana had no electricity nor it had any material / commodity,” mentioned an officer.
Earlier his father, Kailash Agarwal, was arrested by the EOW in 2014 and Enforcement Directorate (ED) in 2016 for his alleged function in the case. ED is probing a money laundering angle in the NSLE case. The father son duo had raised Rs 719 crore on the pretext of buying and selling in commodities like wool, paddy, wheat, mustard oil and had projected that they’re in bodily possession of those commodities at their numerous warehouses primarily based in Ludhiana.
With Rs 719 crore of payment default, ARK Imports is the second largest defaulter in the NSEL cheating case the place over 13,000 buyers had been duped on the pretext of buying and selling in commodities. The father-son duo are accused of investing the cash in actual property and siphoning off nearly all of the quantity abroad. EOW had earlier connected 82 properties, estimated valued at Rs 102 crore, belonging to the Agarwals, in this case. The EOW has arrested 34 accused and filed 4 separate cost sheets in this case. It has connected properties roughly value Rs 6,500 crore belonging to varied accused and their companies.