TaxTMI 
TaxTMI 
ED arrests IBC resolution professional
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....D arrests IBC resolution professional<BR>PMLA / Black Money<BR>Dated:- 12-8-2026<BR>PTI<BR>New Delhi, Aug 12 (PTI) The Enforcement Directorate (ED) said on Wednesday it has arrested Jitesh Gupta, who was acting as a resolution professional and liquidator for stressed assets, under the anti-money laundering law. Gupta, an insolvency professional, was acting as the resolution professional and liq....
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....uidator for two companies -- Homestead Infrastructure Development and Golden Peacock Residence -- which were undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC). The federal agency said in a statement that the arrest was made in a money-laundering case arising out of an investigation against a company named Best Foods, one of the largest process....
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....ors of premium basmati rice in the country. The ED case, filed under the Prevention of Money Laundering Act (PMLA), stems from a CBI FIR against Best Foods promoter Dinesh Gupta, who is alleged to have diverted bank loan funds through dummy and shell entities. Dinesh Gupta was arrested by the ED in August 2025. The ED claimed that Jitesh Gupta, in his capacity as the IRP/RP, suo motu (on his....
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.... own) re-admitted claims he had earlier rejected as spurious and fraudulent. This action altered the Committee of Creditors' composition and facilitated a Resolution Plan submitted as a "front" for Dinesh Gupta and funded through an entity he controlled, it said. Jitesh Gupta also recommended a person connected with Dinesh Gupta as a prospective resolution applicant, the agency alleged. I....
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....t added that the National Company Law Tribunal (NCLT) recorded "adverse" findings against Jitesh Gupta in September 2025, holding that he acted beyond his authority by relying on fabricated and improperly-submitted documents, and directed his replacement as a resolution professional. PTI NES KRH RC =============<BR> News - Press release - PIB....