New Delhi, Feb 6 (PTI) A former resolution professional (RP) has been arrested by the ED under the anti-money laundering law on charges of misusing the insolvency and bankruptcy framework leading to loss worth crores of rupees to public sector banks, the federal probe agency said.
Arvind Kumar, the RP for a company under insolvency named Richa Industries Ltd., was taken into custody on February 3. A special Prevention of Money Laundering Act (PMLA) court in Gurugram sent him to 8 days of agency’s custody, the Enforcement Directorate said in a statement issued on Thursday.
It said the Insolvency and Bankruptcy Board of India (IBBI) had recently suspended the registration of the RP for two years on “related” contraventions.