Mumbai EOW Registers FIR in Alleged Rs 90-Crore Provogue Insolvency Fraud

Overview

• Police say the case stems from a complaint by former managing director Nikhil Chaturvedi covering actions alleged between 2018 and 2023.
• The FIR names resolution professional Amit Gupta, former director Rakesh Rawat, ex-employee Sameer Khandelwal, purchaser Arpit Khandelwal and Plutus Investments and Holding Pvt. Ltd.
• Officials have booked the accused under IPC sections for cheating, criminal breach of trust, criminal conspiracy and common intention, with the probe led by the Economic Offences Wing.
• The complaint alleges the company was deliberately undervalued, the auction was delayed by nearly two years, and outstanding receivables of about ₹32.71 crore were not recovered, resulting in an estimated ₹90 crore loss.
• The complaint also claims assets of 100% subsidiary Elite Team Hong Kong Ltd. were concealed in valuations and that one Hong Kong property was later sold to Arpit Khandelwal.