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Court opens criminal case against PE firm Actis, 12 others – Economic Times

An Indian court opened a criminal case against London-based Actis LLP and 12 others for alleged involvement in a conspiracy and cheating scheme, The Economic Times (India) reported.

The complainant, who is a former associate at shaving products manufacturer Super-Max Ltd., or SM, filed a case in June last year arguing that Actis conspired to take over the finances and management of the former.

Actis first approached the SM Group in 2009 for an investment in the company, after which it started to alter and falsify records of SM unit Supermax Personal Care Pvt Ltd., or SPCPL, "with an intent to defraud SPCPL's creditors at large, as well as the SM group," according to the complainant.

The complainant added that the Economic Offences Wing of the Delhi Police did not act on the initial filing. The judge has now ordered the division to register a First Information Report on a cognizable offense while adding that it "may lead to unearthing large-scale money-laundering activities being done by the accused persons."

Others accused in the complaint include Wesley International Ltd. and the SM group's CEO, Anindo Mukherji, and CFO, Ketan Desai.