Info Edge, a internet giant company, has filed a complaint with the Mumbai Police against Rahul Yadav, the founder of Broker Network and former co-founder of Housing.com.
The company allege that Yadav cheated them out of Rs 288 crore. The complaint also includes other individuals and companies associated with Broker Network. Info Edge invested Rs 276 crore in equity and Rs 12 crore as bridge funding through one of its subsidiaries.
The complaint accuses Yadav and others of various offenses related to cheating, concealment of properties and misappropriation of funds. The Mumbai Police is already investigating another case involving Broker Network and Yadav. The complaint filed by Info Edge highlights the transfer and routing of funds through various related entities.
According to media reports, many former employees have pointed out instances of fund misappropriation and capital diversion by Yadav and others. Info Edge alleges that transactions were made to intentionally move money between entities. The company claims that Yadav has been uncooperative in forensic audits, leading to legal proceedings. Another complaint has been filed by an advertising agency against Broker Network, alleging fraud and non-payment. The fate of these complaints is still uncertain as the police are yet to register an FIR.
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