Mumbai Police Registers Rs 90 Crore Fraud Case Against Provogue India Ex-Directors
The Economic Offences Wing (EOW) of the Mumbai police has registered a case against four individuals, including a former director and an ex-employee of Provogue India Ltd, for cheating the company of Rs 90 crore.
FraudMumbai PoliceProvogue IndiaEconomic OffencesCorporate GovernanceReal Estate MumbaiNov 19, 2025
Provogue India Ltd, based in Mumbai, is a well-known manufacturer and retailer of a wide range of products, including men's and women's apparel, accessories, and luggage. The company has been a significant player in the Indian fashion industry for many years.
The accused persons were identified as former director Rakesh Rawat, ex-employee Sameer Khandelwal, resolution professional Amit Gupta, and new purchaser Arpit Khandelwal, along with Plutus Investments and Holding Ltd and others. The officials stated that these individuals conspired to undervalue the actual worth of the company's assets and deliberately delayed the auction process by two years to bring down its market value.
This deliberate delay was orchestrated so that Arpit Khandelwal could purchase the company at a much lower price. Additionally, the accused did not collect receivable amounts from clients (debtors), which further contributed to the company's financial loss. The complaint was lodged by 55-year-old Nikhil Chaturvedi, the former managing director of Provogue India Ltd.
The offence was committed between 2018 and 2023, during which the accused allegedly engaged in a series of fraudulent activities to benefit themselves at the expense of the company. The accused have been booked on charges of cheating, criminal breach of trust, and criminal conspiracy, and a thorough investigation is currently underway.
This case highlights the ongoing challenges faced by businesses in the Indian market, particularly in the realm of corporate governance and financial transparency. The Mumbai police's swift action in registering the case and initiating a probe is a positive step towards ensuring justice and maintaining the integrity of the business environment.
Frequently Asked Questions
Who are the accused in the Provogue India fraud case?
The accused in the Provogue India fraud case include former director Rakesh Rawat, ex-employee Sameer Khandelwal, resolution professional Amit Gupta, new purchaser Arpit Khandelwal, and Plutus Investments and Holding Ltd.
How much money was allegedly defrauded from Provogue India?
The accused are alleged to have cheated Provogue India Ltd of Rs 90 crore.
What were the fraudulent activities carried out by the accused?
The accused conspired to undervalue the company's assets, deliberately delayed the auction process to bring down its market value, and did not collect receivable amounts from clients, all for personal gain.
Who lodged the complaint against the accused?
The complaint was lodged by 55-year-old Nikhil Chaturvedi, the former managing director of Provogue India Ltd.
What charges have the accused been booked under?
The accused have been booked on charges of cheating, criminal breach of trust, and criminal conspiracy.
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