ED has arrested Jitesh Gupta, Insolvency Professional, who acted as Interim Resolution Professional/Resolution Professional (IRP/RP) in the Corporate Insolvency Resolution Process (CIRP) of M/s Homestead Infrastructure Development Pvt. Ltd. and M/s Golden Peacock Residence Pvt. Ltd., under PMLA, 2002, on 12.08.2026, in connection with the money laundering investigation arising out of the Best Foods case. He was produced before the Hon’ble Special Court, PMLA, which has remanded him to ED custody for further investigation.
Directorate of Enforcement (ED) has arrested Jitesh Gupta, Insolvency Professional, who acted as Interim Resolution Professional/Resolution Professional (IRP/RP) in the Corporate Insolvency Resolution Process (CIRP) of M/s Homestead Infrastructure Development Pvt. Ltd. and M/s Golden Peacock Residence Pvt. Ltd., under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, on 12.08.2026, in connection with the money laundering investigation arising out of the Best Foods case. He was produced before the Hon’ble Special Court, PMLA, which has remanded him to ED custody for further investigation.
ED initiated investigation on the basis of FIR registered by CBI against M/s Best Foods Ltd. under various Sections of the IPC, 1860 and the Prevention of Corruption Act, 1988. Investigation revealed that Dinesh Gupta, while in control of M/s Best Foods Ltd. and related entities, diverted loan funds through dummy and shell entities and laundered the Proceeds of Crime.
Investigation further revealed that Jitesh Gupta, in his capacity as IRP/RP, suo motu re-admitted claims earlier rejected by him as spurious and fraudulent, thereby altering the composition of the Committee of Creditors, and facilitated a Resolution Plan submitted as a front for Dinesh Gupta and funded through an entity controlled by him. He also recommended a person connected with Dinesh Gupta as a prospective resolution applicant. The Hon’ble NCLT, vide order dated 09.09.2025, recorded adverse findings against Jitesh Gupta, holding that he had acted beyond his authority by relying on fabricated and improperly submitted documents, and directed his replacement as Resolution Professional.
Investigation also revealed a banking trail of unexplained financial transactions received by Shri Jitesh Gupta from several persons connected with Dinesh Gupta/ M/s Best Foods Ltd. and its group entities, for which no legitimate consideration has been found on record. The evidence collected establishes that Jitesh Gupta knowingly facilitated the process and activity connected with the Proceeds of Crime, thereby rendering himself liable under Section 3 of the PMLA, 2002, punishable under Section 4 thereof.
Further investigation is under progress.
Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.