Mumbai: 4B Networks founder Rahul Yadav files anticipatory bail application in fraud case with Interspace Communication
₹10 crores. Also read: Rajasthan vendor lodges FIR against 4B Network's Rahul Yadav alleging fraud: Report The Mumbai Police's Economic Offences Wing (EOW) previously filed a First Information Report (FIR) in this case and issued a look-out notice for Yadav and Saini. The complaint, filed by Omprakash Nowal of Interspace, alleges that the accused engaged his firm to install billboards in Pune.
According to the contract, between February 2022 and September 2022, Interspace erected over 80 billboards. However, 4B Networks made only partial payments, resulting in a claimed outstanding debt of ₹10 crores, including interest. EOW officials have reported that during questioning, the accused have expressed their intent to settle the dues with Interspace but have not provided a reason for the initial default, CNBC-TV18 reported.
Also read: ‘We admit that Rahul Yadav’s 4B Networks was a mistake': Info Edge CEO The Mumbai police will oppose the anticipatory bail application. The accused face charges under IPC sections 420 (cheating), 406 (Punishment for criminal breach of trust), 409 (criminal breach of trust), and 34 (common intention). Rahul Yadav, known for founding property startup Housing.com in 2012, has faced previous notoriety, including his dismissal from the firm in 2015.
His current venture, 4B Networks, is also embroiled in arbitration with investor InfoEdge. InfoEdge invested ₹288 crore in the company through its subsidiary Allcheckdeals India, with ₹276 crore in equity and ₹12 crore in debt financing. Due to a lack of requested financial information from 4B Networks, InfoEdge was forced to write down this investment and initiate a forensic audit into the company's financial records, CNBC-TV18 reported.
. Read more on livemint.com
