Latest News | Info Edge Arm Files FIR Against 4B Networks Founder Rahul Yadav, Others for Fraud
Get latest articles and stories on Latest News at LatestLY. Naukri.com owner Info Edge has said its subsidiary AIPL has filed an FIR against 4B Networks founder Rahul Yadav and others for alleged fraudulent acts.
New Delhi, Dec 2 (PTI) Naukri.com owner Info Edge has said its subsidiary AIPL has filed an FIR against 4B Networks founder Rahul Yadav and others for alleged fraudulent acts.
4B Networks Pvt Ltd is a subsidiary of Allcheckdeals India Pvt Ltd (AIPL).
According to reports, AIPL had several times sought information from 4B Networks including details and particulars of financial transactions, transactions with related parties and such other aspects.
AIPL has alleged that 4B Networks repeatedly failed to provide it with information and also did not respond to the information requests by the company on several occasions.
Thereafter, AIPL exercised its contractual rights under the shareholders' agreement and Articles of Association of 4B Networks to initiate forensic audit into the affairs of the investee company and has now filed an FIR.
"Now, we would like to inform you that pursuant to a complaint filed by AIPL, a first information report (FIR) has been registered by...Mumbai Police on November 29, 2024 against Rahul Yadav, Devesh Singh, Pratik Choudhary, Sanjay Saini (and unnamed others) in connection with 4B Networks (an indirect subsidiary of the company), alleging...commitment of certain fraudulent acts involving 4B Networks' funds," Info Edge said in a regulatory filing on Saturday.
Info Edge further said there will be no material financial impact on the company's business operations on account of the FIR.
In February 2023, Info Edge announced impairment of entire investment it made in 4B Networks due to various factors, including excessive cash burn, prevailing liquidity issues and significant uncertainty towards funding options.
Info Edge had to write off the entire investment of Rs 288 crore. Info Edge along with AIPL has taken actions in relation to 4B Networks.
Yadav had earlier founded Housing.com but was sacked in 2015 by the board.
He then founded his second venture 4B Networks which is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business through the ‘Broker Network' platform and a platform for loan origination for end-consumers.
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