According to the provisions of Section 37A of the Foreign Exchange Management Act, 1999, the Directorate of Enforcement (ED) has confiscated 02 residential units in Borivali (Mumbai) valued at Rs. 2.83 crores in the name of Bhupesh Agarwal and his wife.
According to information received, one Bhupesh Agarwal created and used a number of fictitious corporations to transfer money to firms headquartered in Dubai without providing any of the services he had previously disclosed to authorised dealer (AD) banks. This information was the basis for starting the inquiry. Following the verification of the information provided, ED searched Bhupesh Agarwal’s and his connected entities’ and people’s whereabouts.
Further investigation into the matter has shown that three companies, M/s Lunarart Media Entertainment Pvt. Ltd., M/s Cineblossom Films & Productions Pvt. Ltd., and M/s Rocster Entertainment LLP, all controlled by Bhupesh Agarwal, transferred approximately Rs. 52.83 Crore to Dubai-based entities under the guise of receiving audio-video services, even though the aforementioned entities never received any such services.
Additionally, throughout the course of the inquiry, the directors of the aforementioned firms as well as the Chartered Accountant/Company Secretary who created the aforementioned companies acknowledged to having done so under Bhupesh Agarwal’s direction. Therefore, Bhupesh Agarwal organised all monies sent outside of India under the names of the aforementioned firms. Further research is now being conducted.