Ex-GSPC boss Sanjay Gupta loses all

Vol 23, PW 6 (30 Jan 20) News in Brief

Ex-GSPC managing director Sanjay Gupta will be wishing he had a better relationship with Narendra Modi, who he clashed with in 2002 when Modi was Gujarat chief minister.

Gupta, who has been in and out of jail since 2015 when he was arrested by the CID, now stands to lose at least seven prime properties including flats, plots and factories in and around Ahmedabad along with the Hotel Cambay after the Enforcement Directorate (ED) took possession of these on December 26 (2019). "The adjudicating authority order is expected next month (February)," confirms a Gandhinagar source.

He adds the order will be valid for 180 days in which time the authority will confirm 'attachment' of Gupta’s properties totalling Rs36.12cr ($5.4m), which will be auctioned, after a case was filed against Gupta under the Prevention of Money Laundering Act (PMLA), 2002. Gupta can challenge the order at the appellate tribunal within 45 days.

"If the tribunal confirms the order, Gupta can approach the high court," we hear. Gupta was charged by the Gandhinagar CID with cheating, forgery, criminal conspiracy and diversion of public funds to his private companies when chairman of the Metro Link Express for Gandhinagar and Ahmedabad or MEGA.