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The Directorate of Enforcement (ED), Hyderabad Zonal Office, has arrested Chartered Accountant Sharad Chandra Toshniwal for his alleged involvement in laundering money in the Rs 792 crore Falcon invoice discounting scam. He was produced before the Special PMLA Court and remanded to 14 days' judicial
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Chartered Accountant Sharad Chandra Toshniwal has been arrested by the Directorate of Enforcement (ED).
The scam is alleged to involve approximately £792 crore.
The scheme was a fake investment scheme floated by Capital Protection Force Pvt. Ltd. that lured investors with promises of high returns, but no real business activity was carried out.
As the statutory auditor, Toshniwal is alleged to have been aware of the fraudulent transactions, managed finances for the promoter and his family, and helped divert illicit funds into multiple entities.
The ED had previously attached assets worth £18.14 crore and arrested Sandeep Kumar, the brother of Amardeep Kumar.
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