Rakesh Kumar Gupta, 63, walked into an ED cell in Delhi at 10:25 pm on Friday. The central agency moved swiftly against the Sadhna Group chairman, charging him under the Prevention of Money Laundering Act.
The case traces back to a September FIR filed by the Delhi Police Economic Offences Wing. Police alleged Gupta manipulated the Committee of Creditors—where related parties held 99.41% of the votes—to force the insolvency of Sadhna Media Pvt. Ltd. This maneuver, they claim, allowed the company to wipe out ₹110.10 crore in Income Tax dues by paying a mere ₹20 lakh.
Gupta faced additional charges for allegedly receiving over ₹2 crore in cash via crypto and hawala networks during the resale of SMPL and Aryan TV assets. He is also accused of directing ₹4.48 crore to connected creditors, including ₹2.99 crore to his own firm, Sharpline Broadcast. SEBI had earlier labeled him the "mastermind" behind share manipulation involving ₹58 crore.
Produced before Additional Sessions Judge Saurabh Pratap Singh Laler in Ghaziabad at 2 am Saturday, Gupta’s defense argued that neither SEBI nor the Income Tax Department had filed a formal complaint. His lawyer noted that Gupta even held a no-dues certificate. The judge rejected these claims, stating that the absence of a specific complaint does not make the ED’s action illegal.
"The SEBI order indicates the complaint has some basis," the court stated, adding that the potential loss to the exchequer exceeds ₹100 crore. The judge emphasized that the money trail runs outside banking channels and that seized digital data requires further interrogation. The ED now has five days to complete this work before the next hearing.