ED arrests former CFO of Apollo Green Energy Ltd.

Representative image. | Photo credit: Reuters

The Enforcement Directorate has arrested Rakesh Gupta, former chief financial officer and president of strategic initiatives at Apollo Green Energy Ltd. (formerly Apollo International Ltd.), the agency announced on Tuesday (July 7, 2026).

The arrest was made in connection with the ongoing investigation of “strongman” Inderjeet Singh and others.

It is alleged that Mr. Singh facilitated the coercive settlement of high-value private loan disputes running into the hundreds of millions of crowns through threats, intimidation and the use of armed associates or local armed gangs; investigators also allege the involvement of organized crime syndicates operating from abroad.

The agency said Mr. Gupta was arrested after failing to comply with four summonses and despite a non-bailable warrant issued by a Gurugram court. ED remanded for five days.

The ED investigation is based on more than 15 cases and charge-sheets filed by the Haryana and Uttar Pradesh police against Mr. Singh and his associates.

“It has been alleged that Inderjeet Singh, owner of Gem Records Entertainment Pvt. Ltd. (operating as ‘Gems Tunes’), is a known strongman involved in criminal activities such as murder, extortion, forced settlement of loans given by private financiers, fraud, cheating, illegal land grabbing and violent crimes,” the agency said.

Operating from the UAE

Wanted by the Haryana Police in various cases, Mr. Singh is currently absconding and operating from the United Arab Emirates (UAE).

According to the ED, some corporate houses like Apollo Green Energy Ltd. and others, allegedly took huge loans from private financiers based in Dighal, Jhajjar (Haryana) and issued post-dated checks as security.

“Apollo Green Energy Ltd. borrowed more than ₹ 200 crore from private financiers and subsequently defaulted on both principal and interest. Rakesh Gupta was instrumental in introducing Inderjeet Singh to the Apollo Group and using his services, which led to the forced settlement of loans and the alleged murder of one financier,” the ED said.

The agency has so far attached assets worth about ₹90.04 crore and filed a prosecution complaint in the case.

Published – 7 Jul 2026 22:21 IST