Mumbai, June 3 (IANS) The Directorate of Enforcement, Mumbai Zonal Office, has arrested Sudhanshu Dwivedi under the Prevention of Money Laundering Act, 2002 (PMLA Act).
His arrest is part of an ongoing investigation into a large-scale financial fraud case.
Following his detention, Dwivedi was presented before the Special Court for PMLA in Mumbai, where the court not only approved Sudhanshu Dwivedi’s arrest but also granted the Enforcement Directorate remand until June 9.
This period allows investigators to further probe his involvement in the Rs 96.68 crore fraud case, unravelling the network of financial transactions used to siphon investor funds.
Authorities continue to examine the extent of his operations, aiming to recover misappropriated assets and hold all responsible parties accountable.
The probe was initiated based on an FIR filed by the Mumbai Police against Dwivedi and other individuals, citing multiple sections of the Bharatiya Nyaya Sanhita, 2023, and the Arms Act, 1959.
Authorities allege that Dwivedi lured investors into a commodity trading scheme, promising substantial returns.
To build credibility, he initially supplied grains and other commodities, earning the trust of investors. However, over time, he ceased deliveries and instead diverted the funds for his own benefit.
Investigators uncovered a sophisticated financial network in which the misappropriated money was funnelled into entities controlled by his family, creating an illusion of legitimacy.
Reports suggest that the fraudulent operations designed by Dwivedi amounted to approximately Rs 96.68 crore. To conceal these illicit gains, he employed a complex web of transactions, routing funds through multiple firms to distance them from their unlawful origins.
In connection with the case, the Enforcement Directorate conducted a search operation on May 27, leading to the seizure and freezing of several movable assets, as well as the collection of incriminating documents and digital records.
The arrest marks a critical step in the broader effort to combat financial crimes and restore investor confidence.
Officials continue to investigate the full scale of the fraud, seeking to recover misappropriated assets while tracing the money trail.
With further legal proceedings ahead, authorities are determined to hold those responsible accountable and ensure stringent action against financial misconduct.
–IANS
sktr/dan
