Mumbai based CA arrested in demonetisation fraud

Hyderabad: The Serious Fraud Investigation Office (SFIO), Hyderabad, arrested Nalin Prabhat Panchal, a Mumbai-based chartered accountant, concerning a fraud case linked to the demonetisation period. Acting on specific intelligence, SFIO officers, in cooperation with the Mumbai police commissioner, arrested Panchal in September after he failed to respond to a summon issued by a city court related to the prosecution of Nityank Infrapower & Multiventures Private Limited, an entity he was associated with.

SFIO officials conducted an investigation into the activities of Nityank Infrapower & Multiventures Private Limited during the demonetisation period, leading to legal action against the company and its individuals in the special court for SFIO cases in Hyderabad.

Subsequently, summons were issued to Panchal, but his non-compliance resulted in the court issuing a non-bailable warrant. SFIO officers arrested him in Mumbai and presented him before the court on September 13, where he was remanded to judicial custody, as stated in an SFIO release on Monday.