In a significant development in the high-profile dispute involving Sunland
Projects Pvt Ltd in Kolkata, the Alipore Police Court issued and carried out
search warrants across multiple locations in the city. Raids were conducted at
premises linked to promoter Amit Gupta in Ballygunge, as well as at the
residences of directors Vivek Agarwal, Dinesh Agarwal, Vishal Agarwal,
Subhash Chandra Khandelwal, and Govind Prasad Malpani.
As detailed in an 18-page order issued by the Alipore Police Court, authorities
were empowered “to seize and take possession of any forged documents, forged
stamps & seals, computer-devices” and were directed to ensure that “every part
and portion of the aforesaid office of the accused persons is needed to be
searched thoroughly”.
Court filings in the matter before the Alipore Court point to alleged procedural
irregularities in the transfer of 33.33% of the company’s total shareholding. The
share transfer documentation was not signed by the petitioner, was not executed
before a Public Notary, and the associated gift deed was not uploaded to the
Ministry of Corporate Affairs website. The dispute has also been brought before
the National Company Law Tribunal (NCLT).
On December 22, 2023, Kolkata Police registered an FIR against Amit Gupta,
promoter of Agrifields DMCC, alleging “fraudulent share transfer” of
1,510,000 shares, “forging and manipulating records,” and “illegally striking
off” a loan of Rs 9,95,64,143 from Sunland Projects Pvt Ltd.
The Sydney Morning Herald reported, “The US documents name Getax
director Amit Gupta as the ‘target of a criminal investigation who is alleged to
have conspired with others to bribe foreign public officials and to have engaged
in money laundering and other offences’.”
According to court submissions, Sunland holds real estate assets across India
valued at more than Rs 700 crore. Among its developments is the prominent
Sunland Residency project in Rajarhat, spanning approximately 54,000 square
feet.
Gupta is presently the focus of criminal investigations in Australia and India.
The scope and complexity of his business affairs have drawn heightened
attention following the searches conducted by Kolkata Police, alongside
scrutiny from multiple government bodies, including the Income Tax
Department, which issued several income tax notices to Gupta and his
immediate family between March 22, 2022, and July 7, 2022.
Kolkata police raid Agrifields Amit Gupta, others in Sunland fraud case
