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History always repea... • 1y

🚨 FIR Filed Against 4B Networks Founder Rahul Yadav ☁️ Info Edge, the parent company of Naukri.com, has lodged an FIR against Rahul Yadav, founder of 4B Networks, along with others, for alleged fraudulent misuse of funds. 🚀 Info Edge, the parent company of Naukri, has filed an FIR against Rahul Yadav, founder of 4B Networks, and others, alleging fraudulent misuse of funds 🛑. The complaint, registered at Bandra Police Station on November 29, 2024, names Devesh Singh, Pratik Choudhary, Sanjay Saini, and others ⚡ Key Details — • Arbitration and Audit 🔍: Info Edge began arbitration in July 2023 after 4B Networks failed to provide crucial financial details for a Deloitte forensic audit. • Financial Losses 💸: Info Edge wrote off ₹276 crore of its ₹288 crore investment in December 2022, citing excessive cash burn, liquidity issues, and funding uncertainty. • Startup's Role 🏠: 4B Networks, founded in 2020, aimed to connect real estate developers and brokers, assisting with site visits and home loans. • Impact on Info Edge ⚖️: The company stated the FIR would not affect its operations. • Info Edge’s co-founder, Sanjeev Bikhchandani, admitted that investing in 4B Networks was a mistake 🤷‍♂️.

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