E-commerce firm dupes investors of crores
Bengaluru: An e-commerce firm has been accused of cheating consumers of crores of rupees after promising them huge returns. The multi-crore scam, which is believed to be spread across the country, is being investigated by Central Crime Branch (CCB) of city police.
Chandrashekar Gupta Gala, director of e-commerce company Easy Pay Cash (EPC), is the prime accused in the case.
According to a victim, Chandrashekar started the company in June 2017 and set up his office in HSR Layout. Posing himself as the networking business head, he lured people with attractive offers to invest in his company.
According to a Times of India report, Chandrashekar allegedly sought investments initially in three slabs of Rs 9,000, Rs 27,000 and Rs 81,000 which, he promised, would fetch the investors returns of Rs 100, Rs 300 and Rs 1,000, respectively, over next 200 days. The profits were to include the principle investment too. Primary investors who bring in additional investors were promised extra returns in the range of Rs 15 to Rs 500 per day for the 200-day cycle.
The scheme was promoted aggressively on WhatsApp and YouTube for a long time; sources said TOI. According to another investor, Vinod Naik, the firm claimed to make investments in crypto-currencies.
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BharatPe fraud case: Delhi HC quashes lookout circular against Ashneer Grover, wife
New Delhi, Nov 12: The Delhi High Court has ordered cancellation of a lookout circular (LOC) issued against Ashneer Grover, the former MD of payment app BharatPe, and his wife Madhuri Jain Grover, noting that the FIR lodged against them over allegations of cheating and forgery has already been quashed.
Justice Sanjeev Narula passed the order on Monday after the court was informed that another bench of the high court quashed the FIR on the same day.
The FIR was quashed by Justice Chandra Dhari Singh after considering a plea moved by the Grovers stating that they have arrived at a settlement with the fintech company.
In his order, Justice Narula said, "Although the copy of the order (quashing the FIR) is not available as of now, the aforenoted fact is not disputed by the counsel for the parties.
"In light of the fact that the underlying FIR has been quashed, the LOC issued by respondent No. 3 (Bureau of Immigration), in the opinion of the court, will not survive."
The LOC was issued by the Bureau of Immigration at the instance of Delhi Police's Economic Offences Wing (EOW) in view of the investigation against the Grovers in the cheating and forgery FIR.
The court was hearing a plea moved by Grover and his wife Madhuri Jain Grover seeking quashing of the LOC issued against them in connection with the investigation into the cheating and forgery case.
"Accordingly, the present petitions are disposed of with a direction to the respondents to cancel the LOC against the petitioners in their records," the court noted.
Earlier, the Grovers claimed that they were informed about the LOC for the first time when they were detained at the Indira Gandhi International Airport here on November 16, 2023, while they were scheduled to travel to the US.
After being detained, they were informed that the LOC was operational from November 6, 2023.
In May last year, the EOW filed an FIR against Grover, his wife Madhuri, and others under eight sections of the Indian Penal Code, including 406 (criminal breach of trust), 420 (cheating and dishonesty), 467 and 468 (forgery), and 471 (using forged documents as genuine) for an alleged Rs 81 crore fraud after a complaint was lodged by BhartPe, the fintech unicorn.
In its complaint, BharatPe alleged that Grover and his family caused damages to the tune of Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through pass-through vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri, and destruction of evidence.
Madhuri was the head of controls at BharatPe before she was fired in 2022 after a forensic audit revealed several irregularities.
Subsequently, Grover resigned as the chief executive officer of the fintech firm in March 2022.
