ED arrests former Resolution Professional of Richa Industries Limited

ED arrests Arvind Kumar, former Resolution Professional of Richa Industries Limited, for alleged involvement in a money laundering scheme.

The Enforcement Directorate has arrested the former Resolution Professional of Richa Industries Limited (RIL) and taken him into eight-day custody in connection with the allegation that he was a beneficiary of the Proceeds of Crime (PoC) in the case.

The accused, identified as Arvind Kumar, worked the company’s Resolution Professional from December 2018 to June 2025.

The ED had earlier arrested RIL’s former promoter and suspended managing director, Sandeep Gupta. Its probe is based on a First Information Report registered by the Central Bureau of Investigation alleging losses to the public sector banks to the tune of ₹236 crore from 2015 to 2018.

The agency alleged that during Mr. Kumar’s tenure as Resolution Professional, substantial funds from RIL were diverted to individuals and entities closely linked to him. “Large payments were routed from the corporate debtor’s accounts to these intermediaries, who then transferred significant amounts back to Arvind Kumar’s personal bank accounts,” it alleged.

According to the ED, bank records showed unexplained cash deposits exceeding ₹80 lakh in his personal accounts, along with credits of over ₹1 crore received from his related parties who had earlier been beneficiaries of payments from the company.

Based on the findings, he has been accused of projecting illicit funds as legitimate receipts under the guise of Corporate Insolvency Resolution Process-related operations. He allegedly colluded with the former RIL promoters by allowing them continued operational control over key projects and assets, authorising their involvement in decision-making.