New Delhi (Agency): The Mumbai Police’s Economic Offences Wing (EOW) has registered a First Information Report (FIR) against senior officials of 4B Networks Pvt Ltd, Rahul Yadav and Sanjay Saini, on the grounds of allegedly cheating an advertising firm of more than Rs 10 crore (approximately 1.3 million USD). The incident has stirred attention as the investigation proceeds.
The complainant in this case is Vikas Om Prakas Noval, a director of Interspace Communication Private Limited, a Rajasthan-based company. 4B Networks is known as a prop-tech company, a platform that supports and strengthens brokers and developers in their business activities.
According to Noval’s statement to the police, his firm was cheated by Yadav’s company, 4B Networks, for over Rs 10 crore. The situation unfolded between February 2022 to September 2022, during which time 4B Networks had engaged Noval’s firm for various advertising-related services.
These services included installation printing, putting up hoardings, display, and other advertising-related activities. A total of 83 advertisement hoardings were set up by Noval’s company in different places in Pune city from April to August in the last year, as detailed in the FIR.
The issues began when Noval’s firm sent invoices for the payments. Initially, Yadav’s company cleared a few of the payments but later failed to fulfill the remaining payment obligations. Feeling aggrieved by the unmet payments, Noval decided to approach the police, lodging a complaint with the Economic Offences Wing.
Based on this complaint, the FIR was officially registered on Saturday against Yadav, Saini, and their company 4B Networks at Amboli police station. The charges include violations of the Indian Penal Code (IPC) sections 420 (cheating) and 406 (breach of trust), as stated by the official.
As of now, no arrests have been made, and an investigation into the case is actively underway. The Mumbai Police’s EOW is expected to scrutinize the details of the allegations and work to uncover the truth behind the claims made by Noval’s firm.