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MUMBAI: The ED has alleged that Rahul Nanda had diverted, for personal and corporate use, funds that his private security firm—Tops Grup---received from the Central government under the Deen Dayal Upadhyay Grameen Kaushalya Yojana. Under the scheme, the government roped in private firms to provide training to rural youth to cater to their career aspirations.
The ED alleged that on Nanda’s instructions, the accounts department of the security firm had transferred Rs 5 crore of the fund to another company with ‘tacit understanding’.
Holding that there was sufficient material to proceed against Nanda, his daughter Rasshi Nanda and arrested accused M Sashidharan and Amit Chandole, under the Prevention of Money Laundering Act, a special court has issued process against them. The ED’s findings were part of the court order. The ED’s money laundering case is based on a Mumbai police FIR registered in October, alleging that the private security firm had cheated state agency MMRDA, which had awarded it a contract in 2014 to provide security guards for foot-overbridges in the city.