The Economic Offences Wing (EOW) of the Mumbai Police has registered a case against 4B Network Pvt. Ltd. and its directors for alleged financial fraud amounting to ₹58.29 crores. The complaint alleges misappropriation of funds through deceptive practices.
According to an EOW officer, the complainant, Amitendra Antal, Senior Vice President (Legal) of Allcheckdeals, a subsidiary of Info Edge based in Noida, Uttar Pradesh, filed the case. The FIR names 4B Network Pvt. Ltd., its directors Rahul Yadav, Pratik Chaudhary, Devesh Singh, Sanjay Saini, and other employees.
The allegations state that Allcheckdeals invested ₹288 crores in 4B Network Pvt. Ltd. between January 2021 and January 2023 to develop a broker network application. However, it is claimed that the accused directors and employees conspired to breach the terms of the investment agreement.
The accused allegedly falsified financial records and provided misleading information to secure continued investments. It is further alleged that ₹58.29 crores of the total investment were fraudulently diverted to subsidiaries and related companies, including Aceuser, RY Advisory, and Kult App, for personal gain.
In response, the EOW has filed a case under sections 420 (cheating), 406 (criminal breach of trust), 120B (criminal conspiracy), 477A (falsification of accounts), and 34 (common intention) of the Indian Penal Code.
An EOW officer stated that investigations are underway, including examining financial records and tracing the diverted funds. Authorities are working to uncover the full extent of the alleged wrongdoing and identify any additional parties involved.
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