New Delhi: The Enforcement Directorate has arrested a Resolution Professional for allegedly accepting fraudulent credit claims against a firm he was overseeing during its insolvency proceedings, and also receiving money from people linked to its owner arrested in a money-laundering case.
Jitesh Gupta was arrested Wednesday. The ED alleged he admitted claims from companies despite being aware about them being sister concerns of Best Foods Ltd, the company undergoing insolvency proceedings.
The agency alleged that Gupta, in his capacity as a Resolution Professional, accepted claims from the firm which had allegedly received proceeds of crime from Best Foods before it faced stress.
He is also accused of receiving Rs 40.75 lakh from people linked to the company’s former promoter, Dinesh Gupta, who was already under arrest in the case.
Jitesh Gupta was overseeing the insolvency proceedings of Best Foods Ltd, a company earlier run by Karnal-based businessman Dinesh Gupta.
A resolution professional is appointed to oversee the affairs of a company undergoing a corporate insolvency resolution process, including managing its operations, collating creditors’ claims and facilitating the resolution process.
Jitesh Gupta was arrested in the money-laundering probe in which the company’s former MD, Dinesh Gupta, was also arrested on charges of illegally diverting more than Rs 200 crore, primarily from bank loans, to related companies or to acquire real estate assets.
It was during the money-laundering probe against Dinesh Gupta and the overall business operations of Best Foods and related companies, such as Homestead Infrastructure Development and Golden Peacock Residence, that Jitesh Gupta’s role surfaced, the agency alleged in the remand application moved before a Delhi court.
Jitesh Gupta’s arrest comes months after the agency arrested another Resolution Professional, Arvind Kumar, on similar grounds. He was in charge of Richa Industries during insolvency proceedings between December 2018 and June 2025.
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.… pic.twitter.com/H5AATVAxsT
— ED (@dir_ed) August 12, 2026
Seeking Jitesh Gupta’s remand, the agency said in its application before a Delhi court, “Banking analysis has revealed that the accused received approximately Rs 40.75 lakh from 12 persons associated/financially connected with Dinesh Gupta/ M/s. Best Foods Ltd. and its group entities. Several of these payments were preceded by cash deposits and are not supported by contemporaneous agreements, invoices, fee bills or professional engagement documents.”
Opposing the custody plea, Jitesh Gupta’s counsel argued that he had already appeared before the investigating officer thrice when asked to be questioned, and that his custody was not required since all the evidence is documentary in nature.
Among other allegations, the agency has claimed that Jitesh had re-admitted the same claims from creditors that he had earlier rejected on the grounds that they were “spurious and fraudulent”.
According to the ED’s submission, the National Company Law Tribunal had in September last year recorded serious adverse findings regarding such re-admission, set aside the inclusion of the concerned creditors, and declared subsequent CoC (Committee of Creditors) decisions void.
The NCLT had also directed the replacement of the accused as the Resolution Professional, the agency informed the special court on Wednesday.
The agency further alleged that Jitesh admitted he was aware of a forensic audit into the operations of Best Foods conducted during his tenure, which revealed a large flow of funds between Homestead Infrastructure Development and Golden Peacock Residence—both controlled by Dinesh Gupta—and that he had admitted a Rs 35 crore claim submitted by Homestead Infrastructure Development.
The agency further alleged that Jitesh recommended Rajan Goyal and Sanjay Goel as potential buyers of the assets of Best Foods Ltd, while the investigation revealed that both were propped up by Dinesh Gupta himself.
The agency alleged that the Resolution Plan submitted by Sanjay Goel was financially backed by a firm named Bharat Rice Mills, controlled by Dinesh Gupta, and was routed through Sanjay Goel before being deposited towards the Resolution Plan.
Additionally, the agency alleged that Rajan Goyal had made a payment of Rs 1 lakh to Jitesh Gupta “solely” on the directions of Dinesh Gupta, despite there being no business relationship between Rajan and Jitesh.
The agency also accused Jitesh of receiving payments of Rs 8.40 lakh and Rs 8.10 lakh from Shamsher Singh and Ajay Kumar, respectively—both employees of Dinesh Gupta—alleging that the payments were made shortly after Dinesh Gupta credited them with the amounts.
After hearing the arguments, Special Judge Arun Sukhija sent Jitesh Gupta to the custody of the ED for two days.
(Edited by Ajeet Tiwari)
Also Read: Why ED arrest of resolution professional is rare case. ‘In insolvency, misuse isn’t plain-vanilla’