Topsgrup, promoter Rahul Nanda under ED scanner for money laundering: Report
ED investigation found that Nanda “has siphoned Rs 186 crore from Topsgrup companies through remittances to his personal accounts and accounts of friends and family.”
January 18, 2021 / 12:28 PM IST
The Enforcement Directorate (ED) has accused Topsgrup promoter Rahul Nanda of allegedly siphoning Rs 186 crore from group companies through remittances to personal accounts.
Sources told The Indian Express that an ED investigation found that Nanda “has siphoned Rs 186 crore from Topsgrup companies through remittances to his personal accounts and accounts of friends and family.”
Moneycontrol could not independently verify the report.
The ED allegedly found records showing deposits from Topsgrup to Nanda’s personal accounts in the United Kingdom and “gift deeds” made by Nanda to transfer amounts to offshore accounts through “unrelated persons and companies,” sources added.
The agency also alleged that Nanda used money loaned by Topsgrup to subsidiaries Topsgrup Security BV in the Netherlands and Topsgrup Security UK for personal use. These loans were written off the books, the sources said.
They added that investigations also found the company used to transfer money for the maintenance of Nanda’s UK properties – Manor House and Huntergate House.
Nanda did not respond to queries, the report added.
Nanda, Topsgrup, and Shiv Sena legislator Pratap Sarnaik are under ED investigation as per the Prevention of Money Laundering Act (PMLA), it said.
Indian banks have initiated National Company Law Tribunal (NCLT) proceedings against Topsgrup Services under section 7 of the Insolvency and Bankruptcy Code (IBC) for defaulting on payment of loan worth Rs 134 crore, as per the report.
ED also informed the money laundering court in Mumbai of Topsgrup’s Rs 130 crore investment in UK-based Shield Guarding Company being “written off the books without documentary filings,” it said.
Nanda has also been accused of allegedly forming Benami Company Tops Force (controlled by his son-in-law) whose clients were diverted to his own company Tops Security to avoid the latter’s accumulated statutory dues, the report said.
Topsgrup has earlier been accused of cheating the Mumbai Metropolitan Region Development Authority (MMRDA).