New Delhi: The Enforcement Directorate (ED) on Monday said that it has arrested Kewal Krishan Kumar, Chairman and Managing Director (CMD) of Shakti Bhog Foods Limited in connection with a money laundering case after searches at nine locations in Delhi and Haryana.
An ED official said that the financial probe agency arrested Kumar from Delhi on Sunday under the sections of Prevention of Money-laundering Act.
Searches were carried out at nine premises located in Delhi and Haryana.
The official said that during searches various incriminating documents and digital evidence have been recovered.
The ED has registered a money laundering case on the basis of an FIR registered by the CBI against Kewal Kumar and unknown others, for criminal conspiracy, cheating and criminal misconduct.
The ED said that the allegations against Kewal Krishan Kumar include diversion of funds from loan accounts by round tripping of funds through related entities and siphoning of funds was being done by way of suspicious sale or purchase from various entities.
The official said that after his arrest, Kewal Krishan Kumar was produced before the Special Court on Sunday which sent him to ED custody till July 9.
The official said that the Court noted that in the considered opinion, the court remand of Kumar was necessary and justified for fair and complete investigation of the matter.