Chartered Accountant in Hyderabad arrested by SIFO for role during demonetisation

On September 13, 2023, Shri Nalin Prabhat Panchal, a Chartered Accountant (CA) by profession, was arrested by agents of the Serious Fraud Investigation Office (SFIO), Ministry of Corporate Affairs (MCA), working in tandem with the Commissioner of Police, Mumbai, for failing to appear for a summons issued in connection with the prosecution of Nityank Infrapower & Multiventures Private Limited.

The Nityank Infrapower & Multiventures Private Limited’s role during the demonetization period was the subject of an investigation by the SFIO officers, who then brought charges against the business and specific individuals before Hyderabad’s Special Court VIII Additional Metropolitan Sessions Judge (Special Court).

Despite receiving a summons, Shri Panchal neglected to show up in person at the Hyderabad Special Court. The arrest was made in accordance with a Hyderabad Special Court Non-Bailable Arrest Warrant. He was produced before the Special Court at Hyderabad on 13.09.2023 and was remanded to Judicial Custody.