NPA’s ID seizes assets of Gupta company and Sharma’s multimillion rand home
4 June 2021
The High Court of South Africa, Free State Division, Bloemfontein granted the NPA's investigating Directorate a restraint order to freeze assets of lqbal Sharma, his company Nulane Investments 204 (Pty) Ltd, and Islandsite Investments 180 (Pty) Ltd, which belongs to Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta, respectively.
The freezing order, granted in terms of the Prevention of Organised Crimes Act (POCA), will be served on lqbal Sharma at the Bloemfontein Bainsvlei SAPS holding cells, while Islandsite will be served at its local business address.
The order applies to assets in South Africa which include all property of Islandsite, Sharma and his wife Tarina Patel-Sharma, and any property held by Sharma's companies, including two registered in the UAE.
A high court appointed curator will take control of, and preserve the assets pending the outcome of criminal charges for fraud and money laundering offences instituted against Sharma, Nulane, Islandsite, the four Guptas named above and others in the Bloemfontein Regional Court on 3 June 2021.