Arunachal: ED raids businesses linked to state's power corporation founder

The Enforcement Directorate (ED) has conducted searches at multiple locations linked to the business operations of Niraj Sharma in Arunachal Pradesh as part of an ongoing investigation into alleged financial irregularities, money laundering, and regulatory violations.

According to ED Director Dheeraj Goyal, the searches focus on the Sharma family's involvement in power trading and liquor manufacturing. Niraj Sharma, founder of the Arunachal Pradesh Power Corporation, heads one of the country's top five power trading firms, with an annual turnover of Rs 2,000 crore.

The investigation also scrutinises the family's liquor business, managed by Sharma’s daughter, Meenakshi Sharma. While officials have not disclosed specific findings, sources indicate the searches relate to suspected financial misconduct within the family's enterprises.

Niraj Sharma established his power trading venture in 1997 after running liquor retail, distribution, and manufacturing since 1995. His son, Karan Sharma, was instrumental in reviving the power trading unit after it remained dormant for over a decade. Meenakshi Sharma expanded the liquor business, securing contracts with major brands such as Diageo and Allied Blenders Distillers while launching her own brands, including Royal Casino whiskey and Honey Beehive brandy.

By 2020, the family business had reached Rs 2,000 crore in turnover, with three-fourths from power trading and the rest from liquor. Karan Sharma positioned the company among India's top five power trading firms, operating offices in Gurugram, Noida, Guwahati, and Bengaluru, while planning an expansion into ferrosilicon steel manufacturing. Meenakshi Sharma further developed liquor operations, introducing new brands and entering manufacturing agreements with Allied Blenders Distilleries.

The family's business journey began in liquor retailing in Nagaland in 1989 but shifted operations to Arunachal Pradesh after prohibition was enforced in Nagaland. Over the years, the Sharmas diversified their ventures, becoming the largest liquor retailer and distributor in the state.

Despite regulatory scrutiny, Sharma remains optimistic about the future, predicting that the family's overall revenue will double in the next three years. The ED continues to investigate potential financial violations, with further developments expected in the coming months.