FIR against realtor in Rs 160 crore money laundering case

Arjunlal Sunderdas of Kilpauk, who was declared insolvent in 2014, has been accused of embezzling creditors investment by diverting it to third parties through the accounts of his four companies — Sunil Anand & Company Pvt Ltd, International Sea Food Pvt Ltd, Manyal Realtiy Pvt Ltd and Manyal Foundation Pvt Ltd.

In 2014, properties of the insolvent were vested with official assignee of the HC for realisation and distribution among the general body of creditors. It was found that debts to his firms from 91 borrowers was Rs 94.68 crore, while he owed his creditors Rs 160.66 crore.

The official assignee later filed a complaint with Economic Offences Wing (EOW) of Central Crime Branch in 2017. In the status report filed by the EOW-II inspector, it was mentioned that creditors and debtors were spread across the country and Arjunlal Sunderdas had received funds from New Delhi, Maharashtra, Uttar Pradesh, Andhra Pradesh, Telangana, Haryana, Karnataka, and even New York.

Meanwhile, based on a petition filed by the official assignee of the case, the High Court directed transfer of the case to CBI, as Arjunlal Sunderdas possessed immovable properties in Karnataka and other states, which could not be pursued by the Economic Offences Wing as it was out of their jurisdiction.