Mr Gupta was arrested on 12 August 2026 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002. He had acted as IRP/RP in the corporate insolvency resolution process (CIRP) of Homestead Infrastructure Development Pvt Ltd and Golden Peacock Residence Pvt Ltd.
ED said Mr Gupta was produced before the special court, PMLA, which remanded him to ED custody for further investigation.
The agency's investigation originated from a first information report (FIR) registered by central bureau of investigation (CBI) against Best Foods under various provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
According to ED, its investigation found that Dinesh Gupta, while in control of Best Foods and related entities, diverted loan funds through dummy and shell entities and laundered the proceeds of crime.
The agency has now alleged that Jitesh Gupta played a role in facilitating activities connected with those proceeds while handling the insolvency proceedings of Homestead Infrastructure Development and Golden Peacock Residence.
ED alleged that, in his capacity as IRP/RP, Jitesh Gupta suo motu re-admitted claims that he had earlier rejected as spurious and fraudulent. According to the agency, this altered the composition of the committee of creditors (CoC) and facilitated a resolution plan that was allegedly submitted as a front for Dinesh Gupta and funded through an entity controlled by him.
ED further alleged that Jitesh Gupta recommended a person connected with Dinesh Gupta as a prospective resolution applicant.
The agency's allegations refer to findings recorded by national company law tribunal (NCLT) in an order dated 9 September 2025. According to ED, NCLT had recorded adverse findings against Jitesh Gupta, holding that he had acted beyond his authority by relying on fabricated and improperly submitted documents.
NCLT also directed his replacement as resolution professional, according to the ED.
The agency has further alleged that its investigation uncovered a banking trail involving unexplained financial transactions received by Jitesh Gupta from several persons connected with Dinesh Gupta, Best Foods and its group entities.
ED said it has not found any legitimate consideration on record for these transactions.
According to the agency, the evidence collected during the investigation establishes that Jitesh Gupta knowingly facilitated the process and activities connected with the proceeds of crime. The agency has therefore alleged that his conduct attracts Section 3 of the PMLA, which defines the offence of money laundering and is punishable under Section 4 of the law.
The agency has not concluded its investigation and said further probe is underway. The allegations made by the ED are part of the ongoing proceedings and will be subject to judicial scrutiny.
Last month, ED provisionally attached 54 additional properties worth about ₹92.91 crore belonging to Dinesh Gupta, managing director (MD) of Best Foods, in an ongoing money laundering investigation linked to an alleged ₹1,740.30 crore bank fraud.
On 8 August 2025, ED arrested Mr Gupta under Section 19(1) of the PMLA. He was later granted bail by the Delhi High Court on 30 May 2026.
The agency said it had earlier issued a PAO on 4 October 2025, attaching immovable properties worth about ₹173.67 crore.
According to ED, those properties had been acquired in the names of dummy entities and associates but were beneficially owned by Mr Gupta. The attachment was subsequently confirmed by the adjudicating authority.
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