ED files prosecution complaint against Unickon group, its promoters
Nov 24, 2022
New Delhi [India], November 24 : The Directorate of Enforcement has filed a prosecution complaint against Unickon group and its promoters in a Sebi-related cheating and fraud case for committing offence of money laundering.
A prosecution complaint has been filed against promoters Gajendra Nagpal, his wife Sonia Nagpal, Ram Mohan Gupta and their companies -- Unickon Securities, Unickon Fincap, Unickon Financial Intermediaries, Unickon Real Estate and i360 Staffing and Training Solutions, the Directorate of Enforcement said on Thursday.
The Directorate has also prosecuted Vikas Mallan, Sandeep Arora and Neeraj Grover, management personnel of Unickon Securities.
Unickon Securities (USPL) was the flagship company of Unickon group of companies. It was also registered with the Securities & Exchange Board of India (Sebi) as a stock-broker and depository participant of Central Depository Services Limited (CDSL).
From January 2014 onwards, about 4,156 investors approached Sebi and filed complaints for non-receipt of their funds and securities. Subsequently, Sebi enquiry pointed out several violations of the SEBI Act, Rules and Regulations. Thereafter, ED initiated investigation into this fraud of Rs 88 crore committed on the investors' money and securities under the Prevention of Money Laundering Act, 2002.
During PMLA investigation, it was revealed that under the command and control of Gajendra Nagpal, Ram Mohan Gupta and others, Unickon Securities, illegally and unauthorisedly indulged in pledging the clients' securities to various banks and non-banking finance companies (NBFCs) for obtaining loan funds.
The loans so obtained along with its clients' funds, were diverted, siphoned off and ultimately utilised for the benefits of its directors and Unickon group companies which were found to have been engaged in real estate and other business activities, according to a statement from ED.
PMLA investigation also revealed that USPL, Gajendra Nagpal, his wife Sonia Nagpal, Ram Mohan Gupta, Vikas Mallan, Sandeep Arora and Neeraj Grover were also beneficiaries of the proceeds of crime acquired from the criminal activities related to scheduled offence.
During the course of Prevention of Money Laundering Act (PMLA) investigation, proceeds of crime worth Rs 30,14,77,028 were identified in the form of scrips, balance, cash, etc, and were attached. The Special Judge, Patiala Court, New Delhi, has taken cognizance of the complaint.
