Chartered Accountant Arrested in Hyderabad by SFIO for Alleged Involvement During Demonetization Probe

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.