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SFIO arrests chartered accountant in Hyderabad for role during demonetisation

New Delhi: Officers of the Serious Fraud Investigation Office (SFIO) under the Ministry of Corporate Affairs in collaboration with Mumbai Police have arrested Nalin Prabhat Panchal, a chartered accountant by profession, for failure to honour the summons issued in connection with the prosecution of Nityank Infrapower and Multiventures Private Limited. 

The arrest was made on September 13, based on specific intelligence inputs, according to an official statement.
The officers conducted an investigation into the affairs of Nityank Infrapower and Multiventures Private Limited for their role during the demonetisation period and launched prosecution against the company and individuals before the Special Court VIII Addl Metropolitan Sessions Judge, Hyderabad (Special Court).
Despite the issuance of a summons, Panchal failed to appear before the Special Court at Hyderabad.

“The arrest was made pursuant to a Non-Bailable Arrest Warrant issued by Special Court, Hyderabad, and he was produced before the Special Court at Hyderabad on 13.09.2023 and was remanded to Judicial Custody,” the Ministry of Corporate Affairs said in a press release.
Prime Minister Narendra Modi had on November 8, 2016, announced the demonetization of Rs 500 and Rs 1000 banknotes.

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