Info Edge files FIR against Rahul Yadav over 4B Networks fraud
Info Edge has filed a first information report (FIR) at Mumbai’s Bandra Police Station against Rahul Yadav and others in connection with a fraud involving funds from 4B Networks. In 2015, Yadav who cofounded real estate portal Housing.com was fired by the company’s board.
«We would like to inform you that pursuant to a complaint filed by AIPL, an FIR has been registered by the Bandra Police Station (Mumbai Police) on November 29, 2024 against Rahul Yadav, Devesh Singh, Pratik Choudhary, Sanjay Saini (and unnamed others) in connection with 4B Networks, alleging inter alia commitment of certain fraudulent acts involving 4B Networks' funds,» the document read.
In 2021-22, Info Edge invested Rs 295 crore in Housing.com founder Rahul Yadav’s new real estate startup, 4B Networks.
On June 1, Info Edge announced that it had appointed Deloitte to conduct a forensic audit of 4B Networks after the startup failed to disclose key financial details and related-party activities requested by the investor. When 4B Networks failed to provide the necessary information for the audit, Info Edge’s subsidiary, Allcheckdeals India Pvt Ltd (AIPL), which had also invested in the startup, issued a legal notice on July 26, listing several alleged contractual breaches by 4B Networks and Rahul Yadav, according to an exchange filing.
On August 9, Info Edge co-founder Sanjeev Bikhchandani admitted that investing in 4B Networks was a mistake.
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