Chartered Accountant arrested by SFIO for role during demonetisation
Kanwar Inder Singh/ royalpatiala.in News/ September 18,2023
Based on specific intelligence, officers of the Serious Fraud Investigation Office (SFIO), Ministry of Corporate Affairs, in collaboration with Commissioner of Police, Mumbai, arrested Nalin Prabhat Panchal, a Chartered Accountant by profession on September 13,2023, for failure to honour the summons issued in connection with the prosecution of Nityank Infrapower & Multiventures Private Limited.
Chartered Accountant arrested by SFIO for role during demonetisation. The SFIO officers conducted investigation into the affairs of the Nityank Infrapower & Multiventures Private Limited for its role during the demonetisation period and launched prosecution against the company and individuals before the Special Court VIII Addl. Metropolitan Sessions Judge, Hyderabad (Special Court). Despite issuance of summons, Panchal failed to appear before the Special Court at Hyderabad. The arrest was made pursuant to a Non-Bailable Arrest Warrant issued by Special Court, Hyderabad, and he was produced before the Special Court at Hyderabad on 13.09.2023 and was remanded to Judicial Custody.
Serious Fraud Investigation Office (SFIO) has been established through the Government of India vide Notification NO. S.O.2005(E) dated 21.07.2015. It is a multi-disciplinary organisation under the Ministry of Corporate Affairs, consisting of experts in the field of accountancy, forensic auditing, banking, law, information technology, investigation, company law, capital market and taxation etc. for detecting and prosecuting or recommending for prosecution white collar crimes/frauds.