TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation

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Invoice discounting platform TradeCred has filed a criminal complaint against supply chain finance startup Bizongo, alleging fraudulent diversion and misappropriation of funds amounting to at least Rs 69 crore.

The complaint, filed with Mumbai Police’s Economic Offences Wing, outlined charges of criminal misappropriation, cheating and breach of trust against Bizongo, its senior executives and investors.

Individuals named in the complaint include Bizongo founders Sachin Agarwal and Ankit Tomar, as well as investment firms Accel, B Capital, IFC and…



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TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation



Invoice discounting platform TradeCred has filed a criminal complaint against supply chain finance startup Bizongo, alleging fraudulent diversion and misappropriation of funds amounting to at least Rs 69 crore.

The complaint, filed with Mumbai Police’s Economic Offences Wing, outlined charges of criminal misappropriation, cheating and breach of trust against Bizongo, its senior executives and investors.

Individuals named in the complaint include Bizongo founders Sachin Agarwal and Ankit Tomar, as well as investment firms Accel, B Capital, IFC and…



Source link

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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