Mumbai: The Enforcement Directorate (ED) on Monday arrested commodity trader and businessman Sudhanshu Dwivedi under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing investigation into a Rs 96.68 crore commodity investment fraud. Dwivedi was produced before the Special PMLA court, which granted ED custody of the accused until June 9.
The investigation began following an FIR registered by Mumbai Police against Dwivedi and others under various provisions of the Bharatiya Nyaya Sanhita and the Arms Act, 1959.
According to the ED, Dwivedi lured investors by promising high returns through commodity investments. Initially, he supplied grains and other commodities to build investor trust. However, the deliveries were abruptly stopped, and the collected funds were siphoned off. Further investigation revealed that the accused routed the proceeds through entities controlled by his family members.
On May 27, the ED conducted extensive searches at multiple locations linked to Dwivedi and his associates. These raids led to the seizure and freezing of various assets.
