News Update

SFIO arrests CA in Hyderabad for role during demonetisation

By TIOL News Service

NEW DELHI, SEP 18, 2023: BASED on specific intelligence, officers of the Serious Fraud Investigation Office (SFIO), Ministry of Corporate Affairs, in collaboration with Commissioner of Police, Mumbai, arrested Nalin Prabhat Panchal, a Chartered Accountant by profession on 13.9.2023, for failure to honour the summons issued in connection with the prosecution of Nityank Infrapower & Multiventures Private Limited. 

The SFIO officers conducted investigation into the affairs of the Nityank Infrapower & Multiventures Private Limited for its role during the demonetisation period and launched prosecution against the company and individuals before the Special Court VIII Addl. Metropolitan Sessions Judge, Hyderabad (Special Court). Despite issuance of summons, Panchal failed to appear before the Special Court at Hyderabad. The arrest was made pursuant to a Non-Bailable Arrest Warrant issued by Special Court, Hyderabad, and he was produced before the Special Court at Hyderabad on 13.09.2023 and was remanded to Judicial Custody.


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