Mumbai police register FIR against Rahul Yadav, Sanjay Saini of 4B Networks in ₹10 crore fraud case

livemint.com:

₹10 crore, the Mumbai Police's Economic Offences Wing (EOW) registered an FIR against 4B Networks Pvt Ltd company's senior official Rahul Yadav and Sanjay Saini. The complaint was filed by Rajasthan-based Vikas Om Prakas Noval. Vikas is the director of Interspace Communication Private Limited, the EOW official told PTI.

4B Networks work in the field of real estate. The proptech firm acts as a platform to facilitate, enable and empower brokerrs and developers. Vikas Noval accused Yadav of cheating to tune more than ₹10 crore for the work that was done for the 4B Networks in 2022.

From February 2022 to September 2022, 4B Networks offered installation printing, hoardings, display and other advertising-related services. As per the contract, Noval's company had put up more than 83 advertisement hoardings in Pune city between April and August in 2022. After the work, Noval's company didn't receive payment for most of its works.

When the company sent invoices for payments, Yadav's firm only cleared a few instead of making full payment. Afterwards, Noval contacted police and lodged a complaint with EOW. Based on the complain, the police registered an FIR against 4B Networks on Saturday.

The FIR was registered against 4B Networks' Director Rahul Yadav and company's management founding member Sanjay Saini. Their fir is facing charges under relevant IPC sections, including 420 (cheating) and 406 (breach of trust). Till now none has been arrested in the case.