Mumbai, Nov 19: A complaint has been filed by Nikhil Chaturvedi, former Director of Provogue India Ltd., alleging a massive financial fraud during the company’s insolvency and liquidation proceedings during 25 September 2018 to 25 April 2023.
FIR Registered Against Five Accused
As per Complaint, Amboli Police have been registered an FIR against Amit Gupta, Samir Khandelwal, Rakesh Rawat, Arpit Khandelwal and Plutus Investment and Holding Pvt. Ltd. Under various sections of IPC.
Allegation of Undervaluation and Loss to Company
According to the complaint, the accused individuals allegedly conspired to undervalue Provogue (India) Ltd. and sell it at a significantly reduced price to Plutus Investment and Holding Pvt. Ltd. Amit Gupta, appointed by the NCLT as the Resolution Professional and later as the Liquidator, allegedly failed to recover outstanding receivables of ₹32.71 crore during the liquidation process.
Claims of Concealed Assets and Delayed Auction
The complaint further claims that assets belonging to Elite Team Hong Kong Ltd., a 100% subsidiary of Provogue, were intentionally concealed under the “Other Assets” category in the valuation report.
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It is alleged that the auction of the corporate debtor was deliberately delayed by nearly two years, causing a wrongful loss of approximately ₹90 crore to Provogue (India) Ltd. The case has been registered, and further investigation is underway by EOW.
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