The founder of the National Multi-Commodity Exchange of India Ltd (NMCE), Kailash Gupta, was arrested last Sunday; now, his son Amit Gupta, daughter Poonam Verma and son-in-law Kaushik Verma are likely go behind bars in the same case of money laundering. In its complaint, NMCE has claimed that Gupta used to wrongfully transfer money from the bourse to firms owned by him and his family.
According to NMCE’s complaint, between 2006 and 2008, Gupta had done over-payment of Rs28.80 crore to Arrow Total Solutions LLC, owned by his son. The cost of making the software was around Rs1 crore but Gupta instead paid Rs28.80 crore.
Gupta was promoter of two different companies: Neptune Overseas and Neptune World Trade Finance and Investment. His son formed an IT company at Los Angeles in US. His daughter and son-in-law had been associated with Neptune Overseas. It is claimed that in some or the other way, Gupta transferred money to different companies promoted by either him or his family members.
These foreign exchange transactions led Ahmedabad wing of Enforcement Directorate to investigate the case under Foreign Exchange Management Act and Money Laundering Act. NMCE has filed another complaint against Gupta for making a spyware and installing it in the computers of NMCE. It is alleged that his son played a big role in making the spyware, while his daughter installed it in the server and other computers of the company. Gupta was then able to hack the data of NMCE.
DCB arrested Gupta following two separate complaints filed by NMCE managing director Anil K Mishra. The first complaint was about cheating and transfer of money to other companies. The second complaint was filed on the basis of a report given by cyber experts, who found spyware in the NMCE computers.