Agarwal is co-accused in the case involving Sunland Projects Pvt Ltd, which, along with its directors, is under criminal investigation and facing a case in the NCLT in Kolkata.
An FIR has been lodged by Kolkata Police on December 22, 2023 at Rabindra Sarobar Police Station, accusing its promoter, 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, through conspiring with multiple co-conspirators, including Vivek Agarwal and Vishal Agarwal, as per the FIR.
According to the 18-page document issued by Alipore Police Court Chief Judicial Magistrate, Vivek, who is co-accused, has also had his home raided in Howrah’s GT Road, with Kolkata Police being instructed “to seize and take possession of any forged documents, forged stamps & seals, computer- devices” and to ensure that “every part and portion of the aforesaid office of the accused persons is needed to be searched thoroughly”.
Agarwal, a co-accused and alleged conspirator, faces up to 16 years in prison for charges of fraud, forgery, and account manipulation under the Indian Penal Code. However, as a conspirator, he may receive a lighter sentence if convicted.
Interestingly, Agarwal’s former business partner at Auditech, Subhash Chand Khandelwal, was also a director at Sunland Projects Pvt Ltd. Currently, the co-partner is Pooja Agarwal. Court documents from the case filed at Alipore Court indicate procedural misconduct in the share transfer, which involved 33.33% of the company's total shares.
The share transfer documents were not signed by the petitioner, were not registered with the Public Notary, and the gift deed was not uploaded to the Ministry of Corporate Affairs website. The case has been filed with the National Company Law Tribunal (NCLT).
According to his company Auditech’s official website, Vivek is a, “CA, DISA, CIFRS & CTax-UAE along with 15+ years of professional experience in managing & conducting the Management & Forensic Audit at Birla Group”, would be allegedly involved and co-accused in organized corporate crime. Viveks’ reputation faces permanent scar through his alleged criminal dealings.
Sunlands promoter, and co-accused Amit Gupta according to the Sydney Morning Herald, a ‘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’.”
The involvement of Vivek Agarwal and link of his firm, Auditech 360 Management Consultants, raises several concerns regarding his financial sources, business associations, and dealings. The scrutiny focuses on the legitimacy of his income, the nature of his professional connections, and the transparency of his business transactions. These issues are critical for assessing the integrity and legal standing of both Agarwal and his firm.
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