The Enforcement Directorate (ED) on Monday arrested Shyam Kishore Gupta, director of Sanjeevani Buildcon Pvt Ltd under different provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
The arrest was made in a case relating to cheating investors by offering them plots of land.
"The accused has induced the gullible investors to deposit money with the accused company for the purchase of plots of land and subsequently this money was siphoned off. The accused Shyam Kishore Gupta was produced before the Additional District and Sessions Judge under the PMLA, Ranchi, who was pleased to grant 10 days custody to the ED," said the ED in a release.
"Deposits to a tune of around Rs 80 crore were received from investors but possession of plots and flats was not given to them. The money so received from investors deposited into the bank accounts of the company and its directors," added the release.
Shyam Kishore Gupta along with others used the money of such investors to create various movable and immovable assets in their own names. ED had already identified and attached such assets worth Rs 3.10 crore in January 2019.
Further investigation into the case is in progress.
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