Money Laundering: Shakti Bhog Foods CMD Kewal Krishan Kumar arrested by Enforcement Directorate

by Gorav Khosla

In a major development, Enforcement Directorate (ED) has arrested Kewal Krishan Kumar, CMD of M/s Shakti Bhog Foods Limited under the provisions of Prevention of Money-laundering Act, 2002 from Delhi on 04.07.2021.

This arrest was in continuation of search which has been carried out at 09 premises located in Delhi & Haryana. During search various incriminating documents & digital evidence have been recovered. 

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Enforcement Directorate initiated money laundering investigation on the basis of FIR registered by CBI against Kewal Krishan Kumar and unknown others, for criminal conspiracy, cheating and criminal misconduct. The allegations against the accused include diversion of funds from loan accounts by round tripping of funds through related entities and siphoning of funds was being done by way of suspicious sale/purchase from various entities.

After his arrest, he was produced before the Hon’ble Special Court on 04.07.2021 and the Hon’ble Court granted custody to ED till 09.07.2021. 

The Hon’ble Court noted that in the considered opinion of the Court remand of the accused was necessary and justified for fair and complete investigation of the matter. 

Further investigation is under progress.