Vivek Agarwal of Auditech 360 Faces Jail Time in Sunland Projects Fraud Case; FIR Registered in Kolkata

Kolkata | December 22, 2023: Vivek Agarwal of Auditech 360 Management Consultants has been named as a co-accused in a criminal case connected to Sunland Projects Pvt Ltd. The case involves allegations of fraudulent share transfer, forgery, and manipulation of company accounts. If convicted, Agarwal could face imprisonment of up to 16 years under the Indian Penal Code.

FIR Filed by Kolkata Police in Fraud and Share Transfer Case

An FIR was registered on December 22, 2023, by Kolkata Police at Rabindra Sarobar Police Station. The complaint alleges that the promoter of Sunland Projects Pvt Ltd was involved in the fraudulent transfer of 1,510,000 shares.

According to the FIR, records were forged and manipulated, and a loan amounting to Rs 9,95,64,143 was illegally struck off from the company’s accounts. The complaint further alleges that these actions were carried out in conspiracy with several individuals, including Vivek Agarwal and Vishal Agarwal.

Police Search Ordered by Alipore Court

An 18-page order issued by the Chief Judicial Magistrate of Alipore Police Court directed authorities to conduct a search at Vivek Agarwal’s residence on GT Road.

The order instructed police officials to seize and take possession of any forged documents, forged stamps and seals, and computer devices. Authorities were also directed to thoroughly search every part of the office premises of the accused persons.

Possible Imprisonment of Up to 16 Years

Vivek Agarwal has been identified as a co-accused and alleged conspirator in the matter. If convicted on charges of fraud, forgery, and manipulation of accounts, he could face imprisonment of up to 16 years under applicable provisions of the Indian Penal Code.

However, the final sentencing would depend on the court’s determination of his exact role in the alleged conspiracy.

Procedural Lapses in 33.33% Equity Share Transfer

Court records submitted before the Alipore Court indicate procedural lapses in a share transfer transaction involving 33.33 percent of Sunland Projects Pvt Ltd’s equity.

The documents relating to the share transfer reportedly lacked the petitioner’s signature. They were not authenticated by a Public Notary, and the gift deed was not uploaded to the Ministry of Corporate Affairs portal. The dispute has also been brought before the National Company Law Tribunal (NCLT).

Former and Current Associates Under Scrutiny

Subhash Chand Khandelwal, a former associate of Agarwal at Auditech, previously held a directorship at Sunland Projects Pvt Ltd. At present, Pooja Agarwal is listed as co-partner.

Further scrutiny has emerged due to Agarwal’s association with Auditech 360 Management Consultants. Questions have been raised regarding his sources of income, business relationships, and financial dealings.

Professional Credentials and Reputational Impact

According to the official website of his firm, Vivek Agarwal is described as a CA, DISA, CIFRS and CTax-UAE professional with more than 15 years of experience in managing and conducting Management and Forensic Audits at Birla Group.

Despite these credentials, investigators characterize the case as organized corporate misconduct, which may cause lasting reputational damage if the allegations are proven.

Sunland Promoter Also Named as Co-Accused

The promoter of Sunland Projects Pvt Ltd, Amit Gupta, has also been named as a co-accused in the proceedings.

The Sydney Morning Herald previously described him 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.

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