An FIR has been initiated by Kolkata Police against Amit Gupta, chief of
Agrifields DMCC and formerly associated with the rock phosphate trading firm
Getax. The FIR sets out allegations relating to a “fraudulent share transfer” of
1,510,000 shares, “forging and manipulating records,” and “illegally striking
off” a loan amounting to Rs 9,95,64,143 from Sunland Projects Pvt Ltd.
Over the past decade, Amit Gupta has been the subject of legal proceedings and
investigations spanning multiple jurisdictions, with actions involving authorities
in Australia, India, and Singapore.
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’.”
In 2018, coverage by The Straits Times noted that a Singapore court fined
Getax SG$80,000 for bribing a Member of Parliament in Nauru.
The FIR was officially recorded on December 22, 2023, at Rabindra Sarobar
Police Station, and the matter has also been placed before the National
Company Law Tribunal.
Earlier, on November 6, 2023, the Alipore Court heard the dispute and
instructed the respondents to file their responses and supporting documentation
by December 4, 2023. Amit Gupta and Sunland Projects did not submit the
required filings, after which the FIR was lodged.
One of Sunland’s developments, Sunland Residency in Rajarhat, extends over
roughly 54,000 square feet (1.24 acres). The company holds property assets
across India and maintains investments in other business ventures. Court
submissions indicate that its total asset base surpasses Rs 700 crore.
Court records further describe procedural deficiencies in the transfer of
approximately 33.33% of the company’s equity. The relevant documents were
not signed by the petitioner, were not notarized before a Public Notary, and the
corresponding gift deed was not uploaded to the Ministry of Corporate Affairs
website.
The shares were transferred to Amit’s father, G.S. Gupta, and by 2018 Amit
Gupta had become the ultimate beneficial owner (UBO) of those shares.
The continuing legal actions and enforcement measures underscore the joint
efforts of domestic and international authorities, drawing attention to the
intricate background of Amit Gupta and his business interests, and adding
further complexity to the ongoing legal proceedings.
