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ED Arrests Sudhanshu Dwivedi in Rs 96.68 Crore Mumbai Investment Fraud

Investigators are tracing money laundering through shell entities tied to his family to uncover hidden proceeds.

ED busts Rs 100 crore investment scam, arrests one in Mumbai

Overview

  • Sudhanshu Dwivedi was arrested on June 2 under the Prevention of Money Laundering Act following an FIR by Mumbai Police.
  • He was produced before a Special PMLA Court and remanded in Enforcement Directorate custody until June 9.
  • May 27 searches at properties linked to Dwivedi yielded movable assets, documents and digital devices crucial to the money trail.
  • The probe alleges he promised high returns on commodity investments, initially delivering grains before halting supplies and siphoning off investor funds.
  • Nearly Rs 96.68 crore is believed to have been funneled through family-linked shell companies to disguise illicit proceeds.