Breaking significant ground in anti-corruption efforts, ED’s Gurugram office has collared Arvind Kumar, the once-trusted Resolution Professional for Richa Industries Ltd., over alleged money laundering in a notorious bank fraud saga. From December 2018 through June 2025, Kumar held sway as RP; his February 3, 2026, arrest under PMLA led to an eight-day remand.
Echoing the takedown of ex-promoter Sandeep Gupta, this stems from CBI’s FIR pinpointing a ₹236 crore rip-off of public banks through 2015-2018 conspiracies under IPC and PC Act. Evidence mounts that Kumar exploited his role to drain assets, routing funds via proxies to associates before personal repatriation.
Personal ledgers betray over ₹80 lakh cash influxes and ₹1+ crore from looped transactions—fraud proceeds masquerading as legit CIRP flows. The insolvency charade inflicted 94% losses on banks, yielding just ₹40 crore from ₹708 crore claims, with IBBI already penalizing Kumar.
ED highlights how these ploys shatter trust in financial restructuring, impeding genuine revivals. Ongoing raids promise to expose the full web, reaffirming commitment to purging insolvency abuses.