ED files chargesheet against Delhi firms in fraud case, Legal News, ET LegalWorld – Legal Firms


The Enforcement Directorate (ED) on Thursday filed a prosecution complaint (chargesheet) against Gajendra Nagpal, his wife Sonia Nagpal, Ram Mohan Gupta and their companies Unickon Securities Pvt Ltd, Unickon Fincap Pvt Ltd, Unickon Financial Intermediaries Pvt Ltd, Unickon Real Estate Pvt. Ltd. and i360 Staffing and Training Solutions Private Limited in a SEBI related cheating and fraud case for money laundering.

The ED has also prosecuted Vikas Mallan, Sandeep Arora and Neeraj Grover, management personnel of Unickon Securities Pvt Ltd in the matter.

“Unickon Securities Pvt Ltd (USPL) was the flagship company of Unickon group of companies. It was also registered with the Securities & Exchange Board of India (SEBI) as stockbroker and depository participant of Central Depository Services Limited (CDSL). From January 2014 onwards, approximately 4156 investors approached SEBI and filed complaints for non-receipt of their funds and securities. Subsequently, a SEBI enquiry pointed out several violations of the SEBI Act, Rules and Regulations,” the ED said.

Thereafter, the ED initiated an investigation into this fraud of Rs 88 crore committed on the investors’ money and securities under the Prevention of Money Laundering Act.

The ED learnt during the investigation that under the directions and control of Nagpal, Gupta and others, Unickon Securities Pvt. Ltd, illegally indulged in pledging the clients’ securities to various banks and NBFCs for obtaining loans. The loans so obtained along with the clients funds were diverted, siphoned off and ultimately utilised for the benefit of its directors and Unickon group companies which were found to have been engaged in real estate and other business activities. The PMLA investigation also revealed that USPL, Gajendra Nagpal, his wife Sonia Nagpal, Ram Mohan Gupta, Vikas Mallan, Sandeep Arora and Neeraj Grover were also beneficiaries of the Proceeds of Crime acquired from these criminal activities.

“During the course of the PMLA investigation, Proceeds of Crime worth Rs 30,14,77,028 were identified in the form of scrips, balance, cash etc. and were attached,” the official said.


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