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ED attaches Rs 35.22 crore Assets in Suumaya money laundering case
MUMBAI: What began as a growth story has now turned into a forensic one. The Enforcement Directorate has provisionally attached movable and immovable assets worth Rs 35.22 crore belonging to the Suumaya Group and its promoters, as part of an ongoing money laundering investigation into alleged financial fraud, diversion of investor funds and stock market manipulation. The attachment was carried out by the ED’s Mumbai Zonal Office on January 14, 2025, under the provisions of the Prevention of Money Laundering Act, 2002.
According to the agency, the attached assets include bank balances, demat account holdings, mutual fund investments and two immovable properties, representing proceeds allegedly generated through illicit activities. The latest action forms part of a wider probe in which the ED claims the Suumaya Group laundered around Rs 137 crore through a complex network of shell companies, circular transactions and fictitious business operations.
The investigation was initiated on the basis of an FIR registered by Mumbai’s Worli Police Station, later transferred to the Economic Offences Wing (EOW), against Suumaya Industries Ltd, its promoters and associated entities under multiple sections of the Indian Penal Code. Investigators allege that funds were raised under the guise of a so-called “Need to Feed Programme”, which promised future benefits to financiers but allegedly served as a front to siphon off money.
The ED has also examined transactions involving Dentsu Communications India Pvt Ltd and other entities. According to the agency, inflated transactions linked to Suumaya artificially boosted not just the group’s own turnover but also the reported revenues of certain counterparties. Dentsu India has stated that the alleged fraudulent activities were carried out by third parties and some former employees prior to the acquisition of InDeed, adding that no assets or documents were seized during the ED’s visit to its Mumbai office in December 2024. The company has said it is cooperating fully with the investigation.
At the centre of the case is an alleged fabrication of a Haryana government contract linked to the “Need to Feed” programme. The ED claims this fake contract was used to secure trade financing, with funds projected as revenue from agricultural procurement and trading that, investigators say, never actually took place.
According to the agency, promoter Ushik Gala diverted the funds to multiple dummy agro-trading firms based in Delhi and Haryana through intermediaries. These entities were allegedly created to simulate legitimate procurement transactions, despite no physical movement or purchase of agricultural commodities. The money was then routed back through layered transactions involving cash and RTGS transfers to obscure the trail.
To sustain the illusion of scale, the ED alleges that Suumaya generated fake invoices and fabricated lorry receipts, resulting in circular transactions worth nearly Rs 5,000 crore. Investigators estimate that barely 10 percent of these transactions were genuine, with the remainder allegedly aimed at inflating turnover figures.
As a result, Suumaya’s reported revenue is said to have jumped from Rs 210 crore to around Rs 6,700 crore in just two financial years, a rise of over 3,000 percent. The ED noted that this dramatic escalation significantly enhanced the company’s perceived valuation, misleading lenders, investors and the broader market.
Market data cited by the agency shows that Suumaya Industries Ltd’s share price surged from about Rs 19 to a peak of Rs 736 during 2020–21, before entering a prolonged decline. The ED said the artificially inflated financials played a key role in driving investor interest and pushing the stock to what it described as “astronomical levels”, ultimately eroding investor wealth when the bubble burst.
As part of the probe, the ED has conducted searches at 19 locations across Mumbai, Delhi and Gurgaon, leading to the seizure of movable assets worth Rs 3.9 crore, including Rs 46 lakh in cash, foreign currency valued at Rs 4 lakh and gold bars worth about Rs 3.4 crore, along with extensive digital and financial records.
In a significant development, Ushik Gala was arrested on November 17, 2025, under Section 19 of the PMLA and was subsequently remanded to ED custody until November 24, 2025 by a special court.
The agency said the investigation is ongoing, with further attachments and actions likely as analysis of seized documents and financial trails continues. The ED reiterated that cases involving financial fraud, artificial inflation of assets and capital market manipulation pose a serious threat to investor confidence and economic integrity.
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UP govt, HGS unit to skill one lakh youth in digital push
MoU targets jobs, training and future ready talent across state
MUMBAI: Government of Uttar Pradesh has joined hands with OneOTT Intertainment Limited, the broadband arm of Hinduja Global Solutions, to train one lakh youth, signalling a fresh push towards jobs in the digital economy.
The memorandum of understanding, signed with the Employment Department Uttar Pradesh, aims to bridge the gap between skills and industry needs while opening up employment pathways for young people across the state.
The agreement was formalised by principal secretary, labour and employment, M. K. Shanmugha Sundaram and whole-time director, Hinduja Global Solutions and MD and CEO, OneOTT Intertainment Limited, Vynsley Fernandes, in the presence of labour minister Anil Rajbhar.
Under the partnership, OneOTT Intertainment Limited will roll out training programmes, workshops and knowledge-sharing platforms designed to equip youth with skills aligned to a rapidly digitising economy. The initiative will also include research inputs, technical guidance and policy-level support to ensure effective execution.
Principal secretary, labour and employment, M. K. Shanmugha Sundaram, said, “This collaboration will help align skill development programmes with actual industry needs and prepare the youth of Uttar Pradesh for emerging opportunities in the digital services sector.”
Hinduja Global Solutions whole-time director, and OneOTT Intertainment Limited MD and CEO Vynsley Fernandes said, “India’s progress is closely linked to strengthening the capabilities of its young workforce. At HGS, we see skills evolving alongside technology, and partnerships like this help build a stronger digital ecosystem.”
The state government will facilitate coordination across departments and institutions, ensuring the programmes reach the right audiences and deliver measurable outcomes.
As digital infrastructure expands and technology reshapes job markets, initiatives like this are positioning skill development not just as training, but as a gateway to opportunity for the next generation.
