The Enforcement Directorate (ED) has arrested five persons, including promoters of Chennai-based Securekloud Technologies Limited (STL) and Pro Fin Capital Services Limited on charges of generating proceeds of crime of more than ₹200 crore in a cheating case.
The persons arrested on March 24 have been identified by the ED as Suresh Venkatachari, Promoter and President of M/s Securekloud Technologies Limited (STL), RS Ramani, Promoter and former CFO of M/s Securekloud Technologies Limited, Anupam Gupta, Promoter and Managing Director of M/s Pro Fin Capital Services Limited, Hemal Mehta, a sharebroker, and Rohit Arora, a loan broker.
They were arrested under Section 19 of Prevention of Money Laundering Act, 2002, the agency said in a statement. A Special PMLA Court of Chennai has ordered them to be in judicial custody till April 06.
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The ED began the probe under the PMLA on the basis of an FIR registered by CCB, Chennai.
“PMLA investigation revealed that the directors and beneficial owners of these share brokerage and financial services companies have transferred the shares worth ₹160 crore in off-market and subsequently sold the same. The investigation also revealed that the complaint lodged by the Promoter of STL was misleading as Suresh Venkatachari and RS Ramani are involved in larger conspiracy of cheating general public by way of inflating books of company, diverted funds of company to the unrelated business activities of companies having stakes of CFO and CEO of STL,” the ED stated. To reap the fruits of crime, RS Ramani sold the shares worth ₹110 crore in open market and Suresh obtained loan of ₹40 crore from share brokers, the ED stated.
The ED alleged that Anupam Gupta and Hemal Mehta were part of the criminal conspiracy and indulged in the insider trading activity and tried to manipulate the share price of 8k Miles, now known as M/s Securekloud Technologies Limited (STL). Anupam Gupta is accused of selling shares of Suresh Venkatachari and provided ₹14 crore to him, entered into illegal trading activity of 8k Miles shares and ultimately passed of the shares to general public. Similarly, Hemal Mehta was given money in the form of shares for doing the said work for Suresh Venkatachari, the ED pointed out. Rohit Arora, insisted the agency, facilitated all these transactions knowing fully well that it is an illegal activity.
All the arrested persons, accused of generating proceeds of crime of more than ₹200 crore, were found to be guilty of offence of money laundering.