Acting on precise and credible intelligence, the Serious Fraud Investigation Office (SFIO), an entity functioning within the Ministry of Corporate Affairs, worked in close coordination with the Mumbai Commissioner of Police. Their combined actions resulted in the arrest of a Chartered Accountant on September 13, 2023, following his non-compliance with a previously issued summons.
The summons in question was related to the legal proceedings concerning Nityank Infrapower & Multiventures Private Limited. CA Nalin Prabhat Panchal’s non-compliance with the summons prompted the SFIO and the Mumbai Police to take this action to ensure that legal processes and investigations proceed effectively and in accordance with the law.
The SFIO officials initiated an investigation into the activities of Nityank Infrapower & Multiventures Private Limited concerning its actions during the demonetization period. Subsequently, they initiated legal proceedings against both the company and specific individuals in front of the Special Court VIII Additional Metropolitan Sessions Judge in Hyderabad.
Despite being summoned to appear before the said Special Court in Hyderabad, Mr. Panchal failed to comply. Consequently, his arrest followed the issuance of a Non-Bailable Arrest Warrant by the Special Court in Hyderabad. On September 13, 2023, he was presented before the Special Court in Hyderabad and subsequently placed in judicial custody.
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