New Delhi, Jan 22 (NationPress) In a significant move against a Rs 236 crore loan fraud, the ED has apprehended a suspended official from a Gurugram-based firm for deception involving fictitious sales and misrepresentation aimed at facilitating money laundering, as stated by an official on Thursday.

On January 20, 2026, the Directorate of Enforcement (ED), Gurugram Zonal Office, arrested Sandeep Gupta, the former promoter and suspended managing director of Richa Industries, under the provisions of the PMLA, 2002.

Subsequently, he was brought before the Special Court (PMLA) in Gurugram, where he was remanded to eight days of ED custody.

The ED initiated its investigation following an FIR lodged by the CBI under various sections of the IPC, 1860, and the PC Act, 1988, for committing offences like criminal conspiracy, cheating, and criminal misconduct, which led to wrongful gains for the accused and substantial losses to public sector banks amounting to Rs 236 crore between the years 2015 and 2018.

Investigative findings indicated that Richa Industries systematically documented fictitious sales without any legitimate supply of goods, including cotton fabric sales worth Rs 7.42 crore and fabricated solar-related sales amounting to Rs 8.50 crore to multiple shell companies operated by various entry operators, as per the statement.

The invoices and ledger entries for these transactions were discovered to be forged and manipulated, with outstanding balances and inter-division transfers utilized to mask non-receipt of payments.

These actions led to an artificial inflation of turnover and a deliberate misrepresentation of the company's financial standing, misleading lenders and other stakeholders, according to the ED.

Further investigation revealed that Richa Industries recorded bogus purchases of a ZLD plant and machinery valued at Rs 9.23 crore from a non-operational entity, whose business profile, GST details, and HSN codes were entirely inconsistent with such machinery supplies.

Reviewing the books of Richa Industries Ltd. unearthed significant fund diversions through related party transactions. Between FY 2015-16 and FY 2017-18, approximately Rs 16.40 crore were siphoned off to group entities under the pretext of loan repayments.

During the fiscal year 2018-19, the company’s funds were leveraged to acquire a controlling stake in Richa Krishna Constructions, diverting a crucial Rohtak project during CIRP. Concurrently, shares of Richa Infrastructure were transferred at a gross undervaluation, inflicting financial losses on the company.

The investigation highlighted that Sandeep Gupta played a pivotal role in diverting valuable assets of the corporate debtor just prior to the initiation of CIRP. He also established several shell companies, which were utilized to facilitate the diversion of assets of the corporate debtor at various intervals, as noted by the ED.