Latest news with #SudhanshuDwivedi
India Today
5 days ago
- Business
- India Today
ED busts Rs 100 crore investment scam, arrests one in Mumbai
The Enforcement Directorate (ED), Mumbai has arrested a person in connection with a massive Rs 96.68 crore investment fraud case. The accused, Sudhanshu Dwivedi was arrested on June 2 under the Prevention of Money Laundering Act (PMLA), 2002, following an FIR registered by Mumbai was produced before a Special PMLA Court in Mumbai and was granted ED custody by the court till June to ED, Dwivedi allegedly duped an investor by promising high returns on commodity investments. Initially, he delivered grains to build trust. However, investigators say he later stopped deliveries and siphoned off the investor's money. The probe revealed that funds were routed through entities linked to Dwivedi's family in a bid to project the proceeds of crime as legitimate. 'He created a faade using related companies to misappropriate the funds,' the agency case was originally registered under multiple sections of the Bharatiya Nyaya Sanhita, 2023, and the Arms Act, 1959. The allegations include criminal breach of trust, cheating, and possession of arms without a valid May 27, ED officials conducted searches at various premises connected to Dwivedi, seizing several movable assets, documents, and digital devices. According to sources, these items are now key evidence in tracing the money officials are now focused on tracking further layers of money laundering through shell entities and family-controlled firms and further investigation is underway. Must Watch
Time of India
6 days ago
- Time of India
97cr fraud: ED arrests BJP MLA kin; lens on wife
Mumbai: ED on Monday arrested the brother-in-law of a BJP MLA from Madhya Pradesh, who was recently nabbed by Mumbai police for allegedly cheating a star hotel's owner, in a Rs 97-crore money laundering case. The accused, Sudhanshu Dwivedi, and his sister (the MLA's wife) are directors in a company being investigated for fraud. Sources indicated that the MLA's wife may also face investigation. Dwivedi allegedly deceived the hotelier with promises of profitable investment returns. After his arrest by Mumbai police's crime branch, along with one of his employees from Bhopal, he was placed in custody at Arthur Road jail. ED filed an application last week requesting Dwivedi's custody after initiating a money laundering investigation based on police's FIR on fraud and threat. Dwivedi appeared in court on Monday, where ED arrested him and took him into custody. Reports indicated that the hotelier, who hails from Indore, was introduced to Dwivedi through a mutual contact at a five-star hotel in Bandra. Dwivedi presented himself as a commodity trader who purchased grains directly from farmers for distribution among traders. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like A brain tumor threatens his life. Please save him. Donate For Health Donate Now Undo He allegedly persuaded the hotelier to invest in this supposedly profitable venture last year. Following Dwivedi's instructions, the hotelier transferred Rs 452 crore to two companies' accounts. The hotelier said he received grains worth only Rs 355 crore, after which Dwivedi went incommunicado. According to his complaint lodged with police, when he visited Dwivedi's Prabhadevi flat, two persons threatened him with weapons at Dwivedi's behest.
