SFIO Arrests Hyderabad CA Nalin Prabhat in Demonetisation Fraud Case

GG News Bureau

Hyderabad, 18th Sept. Based on specific intelligence, officers from the Ministry of Corporate Affairs’ Serious Fraud Investigation Office (SFIO), in collaboration with the Commissioner of Police, Mumbai, arrested Nalin Prabhat Panchal, a Chartered Accountant by profession, on September 13, 2023, for failing to honor the summons issued in connection with the prosecution of Nityank Infrapower & Multiventures Private Limited.

The SFIO officers conducted investigation into the affairs of the Nityank Infrapower & Multiventures Private Limited for its role during the demonetisation period and launched prosecution against the company and individuals before the Special Court VIII Addl. Metropolitan Sessions Judge, Hyderabad (Special Court).

Despite issuance of summons, Shri Panchal failed to appear before the Special Court at Hyderabad.

The arrest was made pursuant to a Non-Bailable Arrest Warrant issued by Special Court, Hyderabad, and he was produced before the Special Court at Hyderabad on 13.09.2023 and was remanded to Judicial Custody.