It was alleged in the police complaint that Gupta engineered the insolvency of Sadhna Media Pvt. Ltd. (SMPL) through related creditors holding 99.41 per cent of the Committee of Creditors (CoC) so that Income Tax dues of Rs 110.10 crore were settled for Rs 20 lakh.
The other charges against the businessman include receipt of over Rs 2 crore in cash through crypto currency/hawala on the resale of SMPL/Aryan TV. He allegedly led SMPL to pay Rs 4.48 crore to connected creditors, including Rs 2.99 crore to his own company named Sharpline Broadcast.
As per the police complaint furnished by the ED to the court in its remand papers, SEBI issued an order in May 2025 calling Gupta the “mastermind” of the “manipulation” of shares of Sadhna…