SFIO arrests chartered accountant for role during demonetisation

PTI, Sep 18, 2023, 2:25 PM IST

The Serious Fraud Investigation Office (SFIO) has arrested a chartered accountant in Hyderabad in connection with his role during the demonetisation period.

In November 2016, old-series of Rs 500, and Rs 1,000 ceased to be legal tenders, after the government’s demonetisation move aimed at curbing black money and corruption, among others.

On the basis of specific intelligence, SFIO officers in collaboration with the Commissioner of Police, Mumbai, arrested Nalin Prabhat Panchal, a chartered accountant by profession on September 13.

He was arrested for his failure to honour the summons issued in connection with the prosecution of Nityank Infrapower & Multiventures Private Limited, according to an official release on Monday.

The release issued by the corporate affairs ministry said SFIO officers conducted investigation into the affairs of the Nityank Infrapower & Multiventures for its role during the demonetisation period and launched prosecution against the company and individuals before a special court in Hyderabad.

”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 the special court, Hyderabad, and he was produced before the special court at Hyderabad on 13.09.2023 and was remanded to judicial custody,” the release said.

Specific details about the case were not disclosed.

SFIO comes under the corporate affairs ministry.