Amit Gupta, the promoter of Agrifields DMCC, formerly known for Getax, finds himself embroiled in another criminal investigation, now in India. This involves a “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, as per the contents of an FIR.
Kolkata Police lodged an FIR on December 22, 2023, revealing this information, and the case has been filed in the National Company Law Tribunal (NLCT). Despite a court order to respond and submit documentation by December 4, 2023, neither Amit Gupta nor Sunland Projects complied, leading to the FIR.
Getax has a history of notable legal issues. As per 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’.”
According to the Australian Broadcasting Corporation (ABC), Nauru’s president Baron Waqa and justice minister were allegedly bribed by Getax. This recent investigation in India adds another layer to Amit Gupta and Getax’s troubled history.
Sunland, an entity with assets exceeding 700 crore rupees, owns real estate across India. One of its projects, Sunland Residency in Rajharat, Kolkata, spreads over 54,000 square feet (1.24 acres).
Court documents further reveal procedural misconducts in the share transfer, constituting
approximately 33.33% of the company, was 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 shares were transferred to Amit’s father G.S. Gupta, and Amit, in 2018, became the ultimate beneficial owner (UBO) of those shares.
In another development, Amit Gupta, alongside his family, received multiple income tax notices exceeding 1700 crore rupees between 22nd March 2022 and 7th July 2022, exposing non-filing of returns and discrepancies in funding sources under the anti-money laundering and corruption act.
The active legal proceedings and efforts underscores global authorities’ collaborative commitment, with the Income Tax investigation in India and the FIR filing shedding light on the intricate history of Amit Gupta and his companies, contributing to the complexity of the unfolding narrative.
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