Kolkata Police Registers FIR Against Amit Gupta of Agrifields in Rs 700 Crore Fraud and Forgery Case

Amit Gupta, known for his role as the promoter of Agrifields DMCC (formerly Getax), is once again at the center of serious allegations. The Kolkata Police filed an FIR on December 22, 2023, accusing Gupta of engaging in 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” owed by Sunland Projects Pvt Ltd. The charges also include a conspiracy against his brother, Ashok
Gupta.
The case was brought before the National Company Law Tribunal (NCLT), and the Alipore Court in Kolkata heard it on November 6, 2023. The court ordered the respondents to submit their responses by December 4, 2023. However, neither Amit Gupta nor Sunland Projects complied, which led to the filing of the FIR.
Sunland Projects Pvt Ltd, a major player in the real estate sector, owns properties across
Kolkata and India, along with stakes in various other businesses. Its assets are valued at over
700 crore rupees. One of the company’s key projects, the Sunland Residency in Rajharat, Kolkata, covers 54,000 square feet (1.24 acres).

Court documents reveal that the share transfer in question, representing roughly 33.33% of Sunland, was riddled with procedural violations. The transfer lacked the necessary signature from the petitioner, was not notarized, and the required gift deed was never uploaded to the Ministry of Corporate Affairs website. In 2018, the shares were transferred to Amit Gupta’s father, G.S. Gupta, and Amit became the beneficial owner of these shares.

This is not the first time Amit Gupta has attracted attention for legal issues. According to the Sydney Morning Herald, “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 addition to the FIR, a significant tax investigation has been underway. Amit Gupta, along with his father G.S. Gupta, mother Sushila Gupta, and wife Vineeta Gupta, received an income tax notice amounting to 1,700 crore. The notice, issued on February 10, 2022, and March 22, 2022, revealed that Sushila Gupta and Amit Gupta had failed to file their income tax returns. Moreover, the probe uncovered discrepancies regarding the source of funds, leading to an investigation under anti-money laundering and corruption laws.

Amit Gupta’s ongoing legal struggles reflect a broader international effort to tackle financial misconduct on a global scale. With the income tax investigation still unfolding and the FIR adding further complexity to the case, Gupta’s financial dealings are increasingly under scrutiny, adding layers of complexity to an already intricate legal saga.

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