Kolkata Police Lodge FIR Against Agrifields DMCC Boss Amit Gupta Over Fraudulent Share Transfers

The Kolkata Police have lodged a FIR against Amit Gupta, the head of Agrifields DMCC (formerly Getax), on December 22, 2023. The allegations encompass the illegal nullification of a loan worth ₹9.95 crore from Sunland Projects Pvt Ltd., forgery, and the “fraudulent share transfer” of 1,510,000 shares.

Court documents indicate that the share transfer, which accounted for 33.33% of the corporation, was conducted without the necessary authorization. The transfer was not signed by the petitioner, the document was not registered with a public notary, and the gift deed was not submitted to the Ministry of Corporate Affairs website. These shares were transferred to Amit Gupta’s father, G.S. Gupta, in 2018, thereby establishing Amit as the ultimate beneficial proprietor.

Copy Update: 20th JAN 2025

Global Scrutiny and Income Tax Notices
Amit Gupta and his family are also subject to income tax notices surpassing ₹1,700 crore, which were issued between March 22 and July 7, 2022, in accordance with anti-money laundering and corruption laws. The notices emphasize the non-filing of returns and the dubious funding sources.

Gupta has a lengthy history of legal issues that spans more than a decade and spans various jurisdictions, such as Australia, India, and Singapore. The Sydney Morning Herald identified Gupta as a subject of criminal investigations that encompassed money laundering, bribery, and other offenses. It is worth noting that in 2018, a Singapore court imposed a sanction of SGD 80,000 on Getax for bribing a Member of Parliament in Nauru.

The case escalates in Indian courts.
The FIR was issued in response to the Alipore Court in Kolkata’s directive to Amit Gupta and Sunland Projects to submit evidence by December 4, 2023. The FIR was filed as a result of their failure to comply.

A project that is implicated is Sunland Residency, which is located in Rajarhat, Kolkata, and covers a total of 1.24 acres. With stakes in other enterprises, Sunland Projects’ real estate assets exceed ₹700 crore.

This case is currently unfolding and underscores the importance of international collaboration in the prevention of financial malfeasance and corruption. Both Indian and global authorities are actively pursuing justice.