Gurugram’s financial landscape shook as the Enforcement Directorate apprehended Arvind Kumar, ex-Resolution Professional of beleaguered Richa Industries Ltd., thrusting the spotlight back on a multi-crore banking scam. Appointed RP in December 2018 and serving until June 2025, Kumar’s arrest on February 3, 2026, under PMLA marks a pivotal escalation in the ongoing money laundering probe.
A court promptly granted ED eight days of custody after Kumar’s appearance, building on prior arrests including that of promoter Sandeep Gupta. Triggered by CBI’s FIR, the case accuses perpetrators of defrauding public banks of ₹236 crore through orchestrated fraud from 2015-2018, invoking IPC and anti-corruption laws.
Deep dives into transactions expose Kumar’s role in diverting Richa funds via complex layering to allied firms, with money circling back to him. His accounts flaunt ₹80 lakh+ in dubious cash and over ₹1 crore from intermediaries previously funded by the company—clear proceeds of crime masked as insolvency dealings.
The fallout was devastating: banks endured a 94% loss, netting only ₹40 crore from ₹708 crore claims after liquidation. IBBI’s two-year ban on Kumar’s RP license underscores the gravity. ED warns that exploiting bankruptcy frameworks erodes recovery mechanisms and faith in insolvency regimes.
With probes intensifying, authorities aim to unravel the entire nexus, ensuring accountability and deterring future malfeasance in corporate distress resolutions.
