Based on specific intelligence, officers of the Serious Fraud Investigation Office (SFIO), Ministry of Corporate Affairs, in collaboration with Commissioner of Police, Mumbai, arrested Shri 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, Shri 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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NB/VM/KMN

Failure to honour summons leads to arrest under non-bailable warrant in SFIO demonetisation probe and subsequent production before court SFIO arrested a Chartered Accountant for failure to honour summons issued in connection with prosecution arising from an SFIO investigation into a company's conduct during the demonetisation period. The arrest was effected pursuant to a non-bailable arrest warrant issued by the Special Court; the individual was produced before that court and remanded to judicial custody.