šØ FIR Filed Against 4B Networks Founder Rahul Yadav āļø 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. š 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 š. The complaint, registered at Bandra Police Station on November 29, 2024, names Devesh Singh, Pratik Choudhary, Sanjay Saini, and others ā” Key Details ā ā¢ Arbitration and Audit š: Info Edge began arbitration in July 2023 after 4B Networks failed to provide crucial financial details for a Deloitte forensic audit. ā¢ Financial Losses šø: Info Edge wrote off ā¹276 crore of its ā¹288 crore investment in December 2022, citing excessive cash burn, liquidity issues, and funding uncertainty. ā¢ Startup's Role š : 4B Networks, founded in 2020, aimed to connect real estate developers and brokers, assisting with site visits and home loans. ā¢ Impact on Info Edge āļø: The company stated the FIR would not affect its operations. ā¢ Info Edgeās co-founder, Sanjeev Bikhchandani, admitted that investing in 4B Networks was a mistake š¤·āāļø.
Download the medial app to read full posts, comements and news.