Mumbai: In a major corporate fraud case, a complaint has been registered against former CEO Vijay Agarwal and his associates Yogesh Bhura and Akshay Anjalia for allegedly conspiring to cheat Nibble Technologies Pvt. Ltd., a Powai-based tech firm, of approximately ₹19.66 crore through forged contracts and intellectual property theft.
According to the complaint, the accused, between November 2021 and August 2024, allegedly colluded with four companies — IQ Capital Holdings PTE. LTD. (Singapore), Dextra Lab PTE. LTD. (Singapore), Dextralab Solutions Pvt. Ltd. (Mumbai), and Dextralabs Innovation Pvt. Ltd. (Mumbai) — to execute fake and fabricated Master Service Agreements (MSAs) dated November 23, 2023. The agreements were allegedly signed by Yogesh Bhura, the authorized signatory of IQ Capital Holdings, and Vijay Agarwal.
The complaint further states that the trio misused company data, computer systems, source codes, products, and intellectual property to transfer ownership and profits illegally to the aforementioned entities. This was allegedly done with the intent to deceive Nibble Technologies and derive unlawful financial gains.
As a result, Nibble Technologies claims to have suffered losses amounting to ₹12.05 crore in product value, ₹4.77 crore in services, and ₹2.84 crore in revenue, totaling ₹19.66 crore.
Police sources confirmed that the accused took undue advantage of their positions of trust within the company and executed a criminal conspiracy to misappropriate proprietary assets and customer contracts. The alleged fraudulent acts included forging official correspondence and manipulating client relationships for personal benefit.
A case has been registered against Vijay Agarwal, Yogesh Bhura, Akshay Anjalia, and the four linked companies under relevant sections of the BNS related to cheating, criminal breach of trust, and forgery at Sakinaka Police Station. This case has been transferred to Economic Offence Wing (EOW ). The investigation is underway to trace the money trail and recover the misappropriated intellectual property, Said EOW Official.
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