EOW Books Ex-Provogue Director, Others for ₹90 Crore Fraud

• Mumbai Police EOW registers cheating case against four persons linked to Provogue India Ltd
• Allegations include undervaluing company assets and delaying auction process
• Offence relates to ₹90 crore loss between 2018 and 2023
• Complaint filed by former MD Nikhil Chaturvedi; investigation underway

GG News Bureau
Mumbai, 20th Nov: The Economic Offences Wing (EOW) of the Mumbai Police has registered a case against four individuals, including a former director and an ex-employee of Provogue India Ltd, for allegedly cheating the company of ₹90 crore.

Provogue India Ltd, headquartered in Mumbai, is known for its range of men’s and women’s apparel, along with accessories and luggage.

According to officials, the accused have been identified as former director Rakesh Rawat, former employee Sameer Khandelwal, resolution professional Amit Gupta, new purchaser Arpit Khandelwal, Plutus Investments and Holding Ltd, and others. The complaint alleges that they conspired to undervalue Provogue’s assets and deliberately delayed the auction process by two years to reduce the company’s market valuation, enabling Khandelwal to acquire it at a lower price.

Investigators have also found that receivable payments from clients were not collected, leading to losses for the company while benefiting those involved, officials said.

The case was lodged on the basis of a complaint by former managing director Nikhil Chaturvedi, 55.

The alleged offences occurred between 2018 and 2023.
The accused have been booked under charges of cheating, criminal breach of trust and criminal conspiracy. The EOW has launched a detailed investigation into the matter.