ANI
24 Nov 2022, 18:07 GMT+10
New Delhi [India], November 24 (ANI): The Enforcement Directorate (ED) on Thursday filed a prosecution complaint against Unickon group and its promoters in an alleged money laundering case.
The money laundering complaint was filed in connection with a SEBI-related cheating and fraud case.
The prosecution complaint has been filed against Gajendra Nagpal, his wife Sonia Nagpal, Ram Mohan Gupta and their companies -- Unickon Securities Pvt Ltd, Unickon Fincap Pvt. Ltd, Unickon Financial Intermediaries Pvt Ltd., Unickon Real Estate Pvt. Ltd. and i360 Staffing and Training Solutions Private Limited.
The ED has also registered a similar complaint against Vikas Mallan, Sandeep Arora and Neeraj Grover, as well as the management personnel of Unickon Securities Pvt. Ltd.
The flagship company of Unickon group of companies, Unickon Securities Pvt. Ltd. (USPL) was also registered with the SecuritiesExchange Board of India (SEBI) as a Stock Broker and Depository Participant of Central Depository Services Limited (CDSL).
From January 2014 onwards, an estimated 4,156 investors approached SEBI and filed complaints for non-receipt of their funds and securities. The subsequent SEBI inquiry pointed to several violations of the SEBI Act, rules and regulations.
Thereafter, the ED launched an investigation into this fraud -- the totality of which is estimated at Rs 88 crore -- on the investors' money and securities under the Prevention of Money Laundering Act, 2002.
The PMLA investigation revealed that under the command and control of Gajendra Nagpal, Ram Mohan Gupta and others, Unickon Securities Pvt. Ltd., illegally indulged in pledging the clients' securities to various banks and NBFCs for obtaining loans and funds.
The loans so obtained along with its clients' funds, were diverted, siphoned off and ultimately utilised for the benefit of its directors and Unickon group companies which were found to have been engaged in real estate and other business activities, the probe revealed.
The PMLA investigation also revealed that USPL, Gajendra Nagpal, his wife Sonia Nagpal, Ram Mohan Gupta, Vikas Mallan, Sandeep Arora and Neeraj Grover were also the alleged beneficiaries of the proceeds of crime.
The probe pegged the proceeds of crime at Rs. 30,14,77,028 -- identified in the form of scrips, balance, cash etc. It was, subsequently, confirmed by the adjudicating authority.
The Special Judge, Patiala Court, New Delhi, by an order dated November 18, took cognisance of the complaint. (ANI)Get a daily dose of India Gazette news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to India Gazette.
More InformationNEW YORK CITY, New York: The company that makes Reynolds Wrap aluminum foil is facing a lawsuit for allegedly misleading consumers...
PONTEDERA, Italy: Italy's Piaggio, the maker of the iconic Vespa scooter, reported record-high core profit margins for 2024 despite...
NEW YORK, New York - U.S. stocks fell sharply at the open and stayed in the red for much of the day Friday, however as the day wore...
NEW YORK, New York - The U.S. dollar continued to come under pressure Friday with President Donald Trump's flip flops on trade tariffs,...
SEATTLE, Washington: Nordstrom delivered stronger-than-expected holiday-quarter sales and announced a leadership shakeup, with Chief...
MILAN, Italy: Prada CEO Andrea Guerra suggested this week that the Italian luxury brand is keeping its options open regarding potential...
New Delhi [India], March 8 (ANI): Taking potshots at Rahul Gandhi over his 'conniving from within' remarks aimed at sections of Congress...
Hyderabad (Telangana) [India], March 8 (ANI): Union Minister for Railways, Electronics, IT and Information & Broadcasting, Ashwini...
Hubballi (Karnataka) [India], March 8 (ANI): As the row over constituency delimitation intensified, Union Consumer Affairs Minister...
New Delhi [India], March 8 (ANI): The Delhi Government on Saturday approved a groundbreaking initiative, Mahila Samridhi Yojna, a Rs...
New Delhi [India], March 8 (ANI): Athletes and administrators joined Union Minister of Youth Affairs and Sports Mansukh Mandaviya at...
New Delhi [India], March 8 (ANI): India's workforce is undergoing a significant transformation, with women playing a crucial role in...