Topsgrup promoter Rahul Nanda ‘siphoned’ off Rs186 crore: ED

An Enforcement Directorate (ED) probe has alleged that Rahul Nanda, the promoter of Topsgrup Services and Solutions Ltd — an organization accused of dishonest Mumbai Metropolitan Region Development Authority (MMRDA), has “siphoned” Rs 186 crore from Topsgrup corporations by way of remittances to his “personal accounts and accounts of friends and family”, sources instructed The Indian Express.
Phone calls and texts to Nanda didn’t elicit any response.
Sources mentioned the company has allegedly discovered monetary data that present deposits from Topsgrup to the non-public accounts of Nanda in UK. It has additionally discovered copies of reward deeds made by Nanda to allegedly switch cash to his offshore accounts by way of “unrelated persons and companies”. The ED has alleged that Topsgrup loaned cash to 2 of its international subsidiary corporations — Topsgrup Security BV in Netherlands and Topsgrup Security UK Ltd, which was subsequently utilized by Nanda for private use. These loans had been subsequently written off within the books of the Indian firm, mentioned sources. The firm additionally used to switch cash for upkeep of Nanda’s two properties within the UK — Manor House and Huntergate House, the ED has alleged as per sources.
Indian banks have initiated chapter proceedings within the National Company Law Tribunal (NCLT), underneath Section 7 of the Insolvency and Bankruptcy Code (IBC), towards Topsgrup Services because it has defaulted on mortgage reimbursement of over 13 million kilos (about 134 crore).
The probe company has additionally knowledgeable a cash laundering courtroom in Mumbai that Topsgrup ‘s funding of Rs 130 crore in Shield Guarding Company Ltd, a UK agency acquired by it in 2012, was written off from its books of accounts “without any documentary filings”. The ED has alleged that Nanda created a “benami company”, Tops Force, managed by his son-in-law and diverted all of the purchasers of Tops Security to this agency “to avoid statutory dues that had accumulated in the Tops Security”. The ED is investigating Topsgrup, Nanda and Shiv Sena legislator Pratap Sarnaik underneath the Prevention of Money Laundering Act (PMLA).