Mumbai Police files FIR against Rahul Yadav and Sanjay Saini of 4B Networks for fraud

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The Economic Offences Wing (EOW) of Mumbai Police has taken legal action against senior officials of Info Edge subsidiary 4B Networks, specifically Rahul Yadav and Sanjay Saini. The allegations suggest that they defrauded an advertising firm of over Rs 10 crore. A police official confirmed this development, revealing that the complainant is Vikas Om Prakas Noval, a director at Interspace Communication based in Rajasthan.

Allegations of Deceptive Practices

According to Noval’s statement to the law enforcement, his company, Interspace Communication, incurred a loss exceeding Rs 10 crore due to deceptive practices by Yadav’s company. The alleged actions took place in 2022, involving contracts between 4B Networks and Interspace Communication for services such as installation, printing, hoarding placements, and other advertising-related functions.

4B Networks Unsettled Payments and Formal Complaint

After the completion of the contracted services, Interspace Communication sent invoices to 4B Networks for payment. While a partial payment was received initially, the outstanding dues were not settled. Noval lodged a formal complaint with the EOW, prompting the registration of the First Information Report (FIR) on Saturday.

Accusations and Legal Proceedings

The FIR names Yadav, the director and Saini, a founding member of the management, along with their company, as accused parties. The charges include sections 420 (cheating) and 406 (breach of trust) of the Indian Penal Code (IPC). However, no arrests have been made in connection with the case. Ongoing investigations are underway to uncover more details.

4B Networks Background and Resolution Attempts

4B Networks, initially a proptech company facilitating communication between brokers and real estate developers, has been marred by financial issues. Info Edge took action by starting a forensic audit. The company refused to share financial data. This refusal caused Info Edge’s Rs 288 crore investment to be written off completely. Later, following the Delhi High Court’s orders, Info Edge and 4B Networks decided to select an arbitrator. The purpose is to mediate and resolve their growing disagreement.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Mumbai Police files FIR against Rahul Yadav and Sanjay Saini of 4B Networks for fraud

The Economic Offences Wing (EOW) of Mumbai Police has taken legal action against senior officials of Info Edge subsidiary 4B Networks, specifically Rahul Yadav and Sanjay Saini. The allegations suggest that they defrauded an advertising firm of over Rs 10 crore. A police official confirmed this development, revealing that the complainant is Vikas Om Prakas Noval, a director at Interspace Communication based in Rajasthan.

Allegations of Deceptive Practices

According to Noval’s statement to the law enforcement, his company, Interspace Communication, incurred a loss exceeding Rs 10 crore due to deceptive practices by Yadav’s company. The alleged actions took place in 2022, involving contracts between 4B Networks and Interspace Communication for services such as installation, printing, hoarding placements, and other advertising-related functions.

4B Networks Unsettled Payments and Formal Complaint

After the completion of the contracted services, Interspace Communication sent invoices to 4B Networks for payment. While a partial payment was received initially, the outstanding dues were not settled. Noval lodged a formal complaint with the EOW, prompting the registration of the First Information Report (FIR) on Saturday.

Accusations and Legal Proceedings

The FIR names Yadav, the director and Saini, a founding member of the management, along with their company, as accused parties. The charges include sections 420 (cheating) and 406 (breach of trust) of the Indian Penal Code (IPC). However, no arrests have been made in connection with the case. Ongoing investigations are underway to uncover more details.

4B Networks Background and Resolution Attempts

4B Networks, initially a proptech company facilitating communication between brokers and real estate developers, has been marred by financial issues. Info Edge took action by starting a forensic audit. The company refused to share financial data. This refusal caused Info Edge’s Rs 288 crore investment to be written off completely. Later, following the Delhi High Court’s orders, Info Edge and 4B Networks decided to select an arbitrator. The purpose is to mediate and resolve their growing disagreement.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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