CMD Of Renowned Flour Company Arrested By ED

CMD of renowned flour company arrested in money laundering case, in Enforcement Directorate custody till July 9.

The Enforcement Directorate (ED) on Monday informed that Kewal Krishan Kumar, the chairman and managing director of a large Delhi-based company, has been arrested in connection with a money laundering case.

After his arrest, only Krishna Kumar was produced in a special court on Sunday from where he was sent to ED custody till July 9.

Prior to his arrest under the Money Laundering Act on Sunday, the ED had raided 9 locations of Krishna Kumar and seized several incriminating documents and digital evidence.

The company manufactures flour, rice, biscuits, and cookies. Earlier this year, the CBI had registered a case against the Delhi-based company for cheating 10 banks to the tune of Rs 3,269.42 crore.

In this, the company’s CMD Kewal Krishna Kumar and directors Siddharth Kumar and Sunanda Kumar were nominated.

The CBI had registered an FIR only against Krishna Kumar on charges of criminal conspiracy, cheating, and criminal behavior.

Based on this, the ED money laundering investigation was started. He is accused of misappropriation of funds through his companies.

After his arrest, only Krishna Kumar was produced in a special court on Sunday from where he was sent to ED custody till July 9.

The matter was revealed in the month of June 2019 through the report of forensic auditors. Transactions with banks were done between April 2013 and March 2017.

This account has an outstanding of Rs 2016 crore and it became an NPA in March 2015. According to the forensic report, there were discrepancies in the account statements and stock status.

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