Info Edge accuses Rahul Yadav, 4B Networks of ‘suspicious transactions’

New Delhi, Nov 14 (SocialNews.XYZ) Tech and Internet company Info Edge has accused Rahul Bhoopsingh Yadav’s Broker Network (4B Networks Private Limited) of allegedly undertaking ‘suspicious transactions’ with 4B Realtech Pvt Ltd, a company started by an associate of Yadav.

According to a report in a media outlet, Info Edge alleged in a complaint with the Economic Offences Wing (EOW) of Mumbai Police that 4B Networks advanced a Rs 10 crore loan to 4B Realtech.

The money was later transferred to a close associate of Yadav, the complaint alleged.

“The complainant has reasons to believe that a substantial amount from such loan was transferred by 4B Realtech to Aceuser, a company in which Yadav’s wife is a majority shareholder. The complainant company (Info Edge) believes that such transactions were made with a view to moving money from 4B Networks,” Info Edge alleged in the complaint.

Info Edge lost around Rs 532 crore after writing off its investment in Yadav’s Broker Network (4B Networks Private Limited).

While Info Edge’s cash infusion in Broker Network was Rs 288 crore, the rest is the notional loss from a higher valuation that the startup had reached.

The proptech startup had a valuation of Rs 719 crore before Info Edge had to write down its entire investment.

Info Edge has a 59 percent stake in 4B Networks.

Following a complaint by Info Edge, the proprietors of Naukri.com, the EOW is now probing the case pertaining to allegedly transferring a part of the investors’ monies to another company where Rahul’s wife Karishma Yadav is the co-owner and a CEO.

Source: IANS