The chairman of Topsgrup Rahul Nanda’s aid and the security service firm’s senior employee M. Shashidharan was arrested by the Enforcement Directorate (ED) on Monday night concerning money laundering case. The accused have been brought before the Special Prevention of Money Laundering Act (PMLA) court. The Enforcement Directorate has taken in remand till Friday. Rahul Nanda has denied all the allegations against him.
According to the Enforcement Directorate (ED), M. Shashidharan has been suspected for helping Nanda in transferring funds. When Rahul Nanda was abroad, he got his funds to transfer from the company executives, including M. Shashidharan.
The accused arrested by ED was a part of the Mumbai Metropolitan Region Development Authority (MMRDA) deal involving money laundering, with Nanda. M. Shashidharan was working on the instructions of the Nanda, ED sources told Hindustan Times.
M. Shashidharan has filed a case against Former Vice-President of Topsgrup Ramesh Iyer and others on behalf of Rahul Nanda and alleged them for financial irregularities through cheating. The investigation related to this case is done by the Mumbai Economic Offences Wing (EOW).
M. Shashidharan is the second arrest related to Topsgrup Case. Last Month, Amit Chandole was arrested by ED, who is the Business Associate of Shiv Sena Member of Legislative Assembly (MLA) Pratap Sarnaik.
The Bombay High Court has permitted Enforcement Directorate (ED) to extend Amit Chandole custody on Monday this week as it was denied by the lower court earlier.
The whole investigation is being done by ED on the First Information Report (FIR) registered by Mumbai Yellow Gate police on October 28 on the directions of the 16th Metropolitan Magistrate Court against Nanda and his family. The case recently got transferred to Mumbai EOW for further investigation.
A complaint was filed by Iyer accusing Nanda and others of illegally transferring funds from firms account to other Indian accounts and overseas. He further claimed that the funds were further utilized by Nanda and others for their purpose. The firm was thus defrauded of 175 Crore.