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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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Delhivery chairman Deepak Kapoor, independent director Saugata Gupta quit board
Gurugram: Delhivery’s boardroom is being reset. Deepak Kapoor, chairman and independent director, has resigned with effect from April 1 as part of a planned board reconstitution, the logistics company said in an exchange filing. Saugata Gupta, managing director and chief executive of FMCG major Marico and an independent director on Delhivery’s board, has also stepped down.
Kapoor exits after an eight-year stint that included steering the company through its 2022 stock-market debut, a period that saw Delhivery transform from a venture-backed upstart into one of India’s most visible logistics platforms. Gupta, who joined the board in 2021, departs alongside him, marking a simultaneous clearing of two senior independent seats.
“Deepak and Saugata have been instrumental in our process of recognising the need for and enabling the reconstitution of the board of directors in line with our ambitious next phase of growth,” said Sahil Barua, managing director and chief executive, Delhivery. The statement frames the exits less as departures and more as deliberate succession, a boardroom shuffle timed to the company’s evolving scale and strategy.
The resignations arrive amid broader governance recalibration. In 2025, Delhivery appointed Emcure Pharmaceuticals whole-time director Namita Thapar, PB Fintech founder and chairman Yashish Dahiya, and IIM Bangalore faculty member Padmini Srinivasan as independent directors, signalling a tilt towards consumer, fintech and academic expertise at the board level.
Kapoor’s tenure spanned Delhivery’s most defining years, rapid network expansion, public listing and the push towards profitability in a bruising logistics market. Gupta’s presence brought FMCG and brand-scale perspective during a period when ecommerce volumes and last-mile delivery economics were being rewritten.
The twin exits, effective from the new financial year, underscore a familiar corporate rhythm: founders consolidate, veterans rotate out, and fresh voices are ushered in to script the next chapter. In India’s hyper-competitive logistics race, even the boardroom does not stand still.
Brands
Brnd.me enters Europe as haircare brands power global expansion
Bengaluru: Brnd.me, the global consumer brands company formerly known as Mensa Brands, has entered the European market following strong momentum across the Middle East, the United States and Canada.
The company has launched across the UK, Germany, France and Spain, with plans to expand into Italy, the Netherlands and Poland over the next year. The push is being led by its haircare and aromatherapy brands, Botanic Hearth and Majestic Pure, marking Brnd.me’s first structured expansion into Europe.
The European beauty market represents a total addressable opportunity of over $4 billion across haircare and aromatherapy, supported by high digital adoption and demand for accessible, performance-led products.
Brnd.me’s hair care and aromatherapy business currently operates at an annual run rate of around $6 million, with Botanic Hearth and Majestic Pure delivering roughly 10 per cent month-on-month growth, driven by expansion and rising repeat demand.
To support regional growth, the company has appointed a general manager based in Germany and is evaluating investments in warehousing and local team expansion.
Early traction has been strong. Within weeks of launch, Botanic Hearth’s rosemary hair oil ranked among the top five hair oils in Germany, signalling strong consumer pull in a competitive market.
Brnd.me founder and chief executive officer Ananth Narayanan, said Europe represents the next phase of the company’s international strategy. He added that the European business is expected to scale to a $10 million annual run rate by the end of 2026, with long-term ambitions to reach $60 million over the next six years.
The company’s Europe strategy centres on digital-first distribution, repeat demand and TikTok-led discovery, alongside direct-to-consumer expansion to strengthen brand equity and margins.
The move also aligns with growing EU–India trade engagement, supporting long-term sourcing and cross-border supply chains.
Brands
TechnoSport taps quick commerce with launch on Slikk’s 60-minute platform
NATIONAL: TechnoSport has launched on Slikk, the ultra-fast fashion app offering 60-minute delivery, as the activewear brand accelerates its push into quick commerce to capture Gen Z and young millennial shoppers.
The debut brings more than 150 high-performance styles to Slikk’s platform, with an average selling price of Rs 450, expanding TechnoSport’s reach across over 80 pin codes.
The partnership follows strong momentum for TechnoSport across Q-commerce channels, where the brand has recorded around 60 per cent volume growth over the past six months. The company expects quick commerce to contribute nearly 20 per cent of its revenue in the coming years as hyperlocal delivery gains scale.
Slikk, which recently raised $3.2 million in seed funding led by Lightspeed, has rapidly gained popularity among youth consumers seeking speed, trend relevance and impulse-led shopping experiences.
Activewear remains one of Slikk’s fastest-growing categories, driven by shoppers increasingly treating fitness-led fashion as an everyday essential. The platform has reported a 30-fold year-on-year increase in items sold, reflecting rising demand for performance wear that blends comfort with style.
TechnoSport chief executive officer Puspen Maity, said the collaboration would help the brand engage more closely with young consumers whose fashion choices are shaped by instant needs and lifestyle aspirations. He added that rapid delivery bridges the gap between intent and purchase, allowing shoppers to access activewear exactly when they want it.
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