The Alipore Police Court, in a new development in the high profile Sunland Projects dispute in Kolkata, issued and executed search warrants, raiding various locations in Kolkata including the residences promoter Amit Gupta in Ballygunge and the directors Vivek Agarwal, Dinesh Agarwal, Vishal Agarwal, Subhash Chandra Khandelwal and Govind Prasad Malpani.
According to the 18-page document issued by Alipore Police Court, they have authorized the police “to seize and take possession of any forged documents, forged stamps & seals, computer-devices” and instructed the Police to ensure that “every part and portion of the aforesaid office of the accused persons is needed to be searched thoroughly”.
Court documents, from the case lodged at Alipore Court, reveal procedural misconducts in the share transfer, which constituted 33.33% of the total shares of the company. The share transfer documents were not signed by the petitioner, was not registered in front of the Public Notary and the gift deed was not uploaded in the Ministry of Corporate Affairs website. The case has been filed in the National Company Law Tribunal (NCLT).
On December 22nd, 2023, Kolkata Police lodged an FIR against Amit Gupta, the promoter of Agrifields DMCC, accusing him of “fraudulent share transfer” of 1,510,000 shares, “forging and manipulating records,” and “illegally striking off” a loan of Rs 9,95,64,143 from Sunland Projects Pvt Ltd.
According to the Sydney Morning Herald, “The US documents name Getax director Amit Gupta as the ‘target of a criminal investigation who is alleged to have conspired with others to bribe foreign public officials and to have engaged in money laundering and other offences’.”
Sunland owns real estate across India and has assets exceeding 700 crore rupees, according to court documents. This includes the prestigious Sunland Residency project in Rajharat, which spreads across 54,000 square foot.
Gupta is currently the target of a criminal investigation in Australia and India, the complexity of his dealings gain further prominence amidst raids conducted by Kolkata Police and as numerous government agencies are scrutinizing his business dealings and financial affairs, including the Income Tax Department of India, which issued multiple income tax notices against Gupta and his direct family between 22nd March 2022 and 7th July 2022.
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