New Delhi, August 12, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has arrested insolvency professional Jitesh Gupta under the Prevention of Money Laundering Act (PMLA) in connection with a money laundering investigation linked to Best Foods Ltd, the agency said on Wednesday.
Gupta was arrested under Section 19 of the PMLA, 2002, and subsequently produced before the Special Court (PMLA), which remanded him to ED custody for further investigation.
According to the ED, Gupta had served as interim resolution professional/resolution professional (IRP/RP) during the Corporate Insolvency Resolution Process (CIRP) of Homestead Infrastructure Development Pvt. Ltd. and Golden Peacock Residence Pvt. Ltd.
The agency’s investigation originated from an FIR registered by the Central Bureau of Investigation (CBI) against Best Foods Ltd under provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
The ED alleged that Dinesh Gupta, who was in control of Best Foods and its associated entities, diverted loan funds through dummy and shell companies and subsequently laundered the proceeds of crime.
During its probe, the ED alleged that Jitesh Gupta, while acting as IRP/RP, suo motu re-admitted claims that he had previously rejected as spurious and fraudulent. According to the agency, this changed the composition of the Committee of Creditors.
The ED further alleged that Gupta facilitated a Resolution Plan that was presented as a front for Dinesh Gupta and was financed through an entity controlled by him. He also recommended an individual linked to Dinesh Gupta as a prospective resolution applicant, the agency said.
The National Company Law Tribunal (NCLT), in an order dated September 9, 2025, had recorded adverse findings against Jitesh Gupta, according to the ED. The tribunal held that he had acted beyond his authority by relying on fabricated and improperly submitted documents and ordered his replacement as Resolution Professional.
The ED said its investigation also traced unexplained banking transactions received by Gupta from several individuals linked to Dinesh Gupta, Best Foods and its group companies. The agency said no legitimate consideration for the transactions was found in the records.
According to the ED, the evidence gathered indicates that Gupta knowingly facilitated activities connected with the proceeds of crime, attracting provisions of Section 3 of the PMLA, punishable under Section 4 of the Act.
Further investigation is underway.
FOLLOW NOW
