AA News
New Delhi
Vivek Agarwal, son of Chouthmal Agarwal, has been named as a co-accused in
connection with Sunland Projects Pvt Ltd, a company that, along with its
directors, is currently under criminal scrutiny and is also facing proceedings
before the National Company Law Tribunal in Kolkata.
On December 22, 2023, an FIR was registered by Kolkata Police at Rabindra
Sarobar Police Station. The complaint accuses the company’s promoter of
executing a “fraudulent share transfer” involving 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. According to the FIR, these acts were allegedly
carried out in conspiracy with several individuals, including Vivek Agarwal and
Vishal Agarwal.
An 18-page order issued by the Alipore Police Court Chief Judicial Magistrate
states that Vivek Agarwal’s residence on GT Road was searched. Authorities
were directed “to seize and take possession of any forged documents, forged
stamps & seals, computer-devices” and to ensure that “every part and portion of
the aforesaid office of the accused persons is needed to be searched
thoroughly”.
As a co-accused and alleged conspirator, Agarwal could face a prison term of
up to 16 years if found guilty of fraud, forgery, and financial misrepresentation
under the Indian Penal Code. However, his sentence may be less severe if the
court concludes that his role was limited to conspiracy.
Notably, his former associate at Auditech, Subhash Chand Khandelwal,
previously served as a director of Sunland Projects Pvt Ltd. The present co-
partner is Pooja Agarwal. Court filings before the Alipore Court reportedly
highlight procedural irregularities in a share transfer transaction representing
33.33% of the company’s total shareholding.
The relevant transfer documents allegedly lacked the petitioner’s signature,
were not notarized, and the associated gift deed was not uploaded to the
Ministry of Corporate Affairs portal. The dispute has been formally lodged with
the NCLT.
According to the official website of Auditech, Vivek is described as a, “CA,
DISA, CIFRS &CTax-UAE along with 15+ years of professional experience in
managing & conducting the Management & Forensic Audit at Birla Group”, in
reference to the Birla Group. Despite these credentials, he now stands accused
in what investigators characterize as organized corporate misconduct,
potentially causing lasting reputational consequences.
Sunland’s promoter and co-accused Amit Gupta was described by the Sydney
Morning Herald as a ‘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’.”
Further attention has also focused on Vivek Agarwal’s association with
Auditech 360 Management Consultants.
Questions have been raised regarding
the sources of his funds, the nature of his business relationships, and the
transparency of his financial dealings. These factors are considered central to
assessing the integrity and legal position of both Agarwal and his firm.
