25 July 2024

The Directorate of Enforcement (ED) filed a prosecution complaint on May 3, 2024, against Laxmi Narain Kaushik, Smt. Shachi Kaushik, M/s Textile Professional LLP, and M/s Shachi Imports and Exports Pvt. Ltd. under the Prevention of Money Laundering Act (PMLA). The charges stem from two FIRs: one from Vapi Police Station alleging financial misconduct and criminal breach of trust involving M/s Welspun Living Limited, and another from Ahmedabad Cyber Crime Police for illegal data sharing. The investigation revealed that Kaushik used shell companies to launder money, leading to a Provisional Attachment Order for assets worth approximately Rs. 2.60 Crore. Kaushik was arrested on March 6, 2024, for his non-cooperation and role in the money laundering scheme.