Info Edge Files FIR Against Rahul Yadav Over 4B Networks Fraud
Consumer internet giant Info Edge has filed an FIR against Rahul Yadav and others, alleging fraudulent mismanagement of funds at 4B Networks.
Info Edge4b NetworksRahul YadavFirFraudReal EstateDec 01, 2024
Info Edge had invested a substantial amount of Rs 295 crore in 4B Networks, a startup aimed at facilitating communication and business operations for real estate developers and brokers. The dispute arose after 4B Networks failed to provide crucial financial details and related-party transaction information, leading to a forensic audit initiated by Info Edge. The audit was entrusted to Deloitte, a renowned audit firm.
Frequently Asked Questions
What is the amount Info Edge invested in 4B Networks?
Info Edge invested Rs 295 crore in 4B Networks, with an additional Rs 12 crore as debt financing through its subsidiary Allcheckdeals India Pvt Ltd (AIPL).
Why did Info Edge file an FIR against Rahul Yadav?
Info Edge filed an FIR against Rahul Yadav and others for alleged fraudulent activities involving the misuse of 4B Networks' funds. The startup failed to provide crucial financial details and related-party transaction information.
When was the FIR registered?
The FIR was registered by the Bandra Police Station in Mumbai on November 29, 2024.
What was the outcome of the forensic audit initiated by Info Edge?
The forensic audit, conducted by Deloitte, revealed discrepancies and led to Info Edge filing an FIR against Rahul Yadav and others for alleged fraudulent activities.
How much did Info Edge write off in their investment in 4B Networks?
Info Edge wrote off its equity investment of Rs 276 crore in 4B Networks during the December 2022 quarter due to excessive cash burn and liquidity issues.
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