ARK Imports Under Investigation

On the grounds of looting 13k trading clients Mr.Kailash Aggarwal a business man from Ludhiana was arrested. There are 22 defaulters responsible for money laundering act in NSEL crisis. Mr.Aggarwal the accused is the Dir.of ARK Imports known for being one of the defaulter company in the NSEL crisis. Being a part of Rs.5600 crore crisis Mr. Aggarwal and his son Mr.Anubhav Aggarwal was under the lens of investigative agencies and government. ARK Imports is one among the key accused who is responsible for duping 13,000 trading clients by and never returning dues.

Kailash Agarwal was arrested by ED on Friday from Ludhiana and produced before ED court. He is been sent in custody till 29^thSeptember. Kailash Agarwal had allegedly duped Rs. 719.21crore through money laundering on NSEL platform. Agarwal with his son Anubhav Agarwal raised money through NSEL platform, stating that they have stored commodity of same amount worth in his warehouse. Kailash Agarwal and Anubhav Agarwal looted trading clients on the ploy of trading in commodities like wool, paddy, wheat, mustard oil and had projected that they are in physical custody of these goods at their various warehouses based in Ludhiana, Samrala and Nawanshahr.

They put the looted money into real estate and transferred majority of Rs.719.21crore abroad. Economic Offences Wing (EOW), ED and Central Bureau of Investigation (CBI) have booked Kailash Agarwal and Anubhav Agarwal under various sections of money laundering and fraud. EOW has attached around 82 properties of Kailash Agarwal worth Rs.102crore. Anubhav Agarwal is known to be absconding and currently married to a Russian and living in Dubai.