On 13th September 2023, CA Nalin Prabhat Panchal was arrested due to non-compliance with a summons related to the investigation of Nityank Infrapower & Multiventures Private Limited.
SFIO has been investigating Nityank Infrapower & Multiventures Private Limited, examining their activities during the period of demonetisation, and a consequent prosecution against the company and certain individuals was initiated before the Special Court VIII Addl. Metropolitan Sessions Judge in Hyderabad. This action was taken on specific intelligence by the Serious Fraud Investigation Office (SFIO), Ministry of Corporate Affairs, in association with the Mumbai Police Commissioner.
Despite multiple summons, Mr. Panchal failed to appear before the court in Hyderabad. His arrest was in line with a Non-Bailable Arrest Warrant issued by the same court. After the arrest, Mr. Panchal was presented before the Special Court in Hyderabad on 13th September 2023 and remanded to judicial custody.