New Delhi. Delhi Police’s Economic Offenses Wing (EOW) on October 20 filed an FIR against ‘Go Mechanic’ co-founders and others after investors SCI Investments, Oreos and Chirate Ventures were accused of criminal conspiracy, forgery of documents, fraud and misappropriation of accounts. Filed a complaint alleging rigging.
Go Mechanic’s Amit Bhasin, Kushal Karwa, Rishabh Karwa, Nitin Rana, all founding directors, Prateek Jain (vice president finance), Vishal alias Vishambhar Sharma (vice president, admin) and others have been named in the FIR, one of which per IANS is near.
According to the FIR, SCI, Oreos and Chirate are collectively referred to as “Investors/us/us” in the complaint.
The FIR states, “Between 2017 and 2021 we/the investors invested in the company. As is usual in such transactions, these investments were made based on a review of documents that were provided by/under the instructions of the accused founder directors. The accused founding directors represented that the company had high growth potential by preparing books of accounts and other financial records, which reflected healthy business activity and revenues.”
It further said, “We/the investors placed great reliance on the representations of the accused founding directors that these records contained an accurate picture of the business activity and financial position of the Company, and agreed to invest in the Company. But for such representations we/investors would not have invested any amount in the company. The fraud alleged in this complaint was not detected despite a review of such documents at the time of each investment round due to the manipulation and inaccurate data provided, and the systematic and complex manner in which it was planned and executed. I went.”
“Based on the above and other representations/warranties set out in the respective share subscription agreements, investors invested approximately Rs 211.51 crore in the company in multiple rounds between 2017-2021 (including secondary purchase of equity shares from the accused founder),” it said. Director for approximately Rs 13.4 crore).
The complainants said, “We/Investors wish to inform you that we have recently discovered that the accused persons had falsely prepared the accounts and financial records of the company, dishonestly and fraudulently discrediting us in the company during 2017-2021. were presented to us to induce investment.”
The complainants further said, “We/investors have discovered such facts on the basis of recorded confessions of the accused persons. A thorough investigation is needed to ascertain the extent to which such financial records were prepared and manipulated, but the accused persons have admitted that they have used ‘revenue’ statements to mislead us (investors). “The figures were exaggerated and manipulated.”
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Web Title-Delhi Police files FIR against Go Mechanic founders; investors accuse company of criminal conspiracy