Former Bizongo employee arrested in Mumbai. The B2B e-commerce startup has accused Nainish Shah, a former associate director, of allegedly misappropriating about ₹20 crore through fake invoices. Nainish Shah has been arrested by the Mumbai Police. The arrest follows an FIR filed by Bizongo in April alleging breaches related to conspiracy, breach of trust, cheating and forgery.
An FIR filed by the Delhi Police and proceedings in a case at the Delhi High Court alleges that GeneStore India, a biotechnology company, supplied “low-quality” and “unreliable” rRT-PCR testing kits for Covid-19 to various diagnostic labs across the country, offered bribes to diagnostic laboratories, and failed to pay their financial dues.
Two BJP MPs have levelled allegations of malpractices against the professional in-charge of the insolvency resolution process of Topworth Steels and Power, an ailing company promoted by Abhay Lodha and Surendra Lodha. Documents with NewsClick suggest that after the resolution professional discovered fraudulent transactions in the company, his dismissal was sought by the two MPs. An exclusive investigation.
In part two of a three-part series on how the Modi government pushed banks into repeatedly lending to cronies, read the story of a Surat-based transporter with links to PM Modi. SVLL promoter Roop Chand Baid had close connections to Modi, supplying specialized video trucks with 3D projection technology for his 2014 election campaign. The company allegedly misutilized ₹629.84 crore of ₹933.25 crore in loans.
The network of offshore companies and Swiss bank accounts that were used to divide Dhirubhai Ambani’s foreign assets after his death is being probed by the income tax authorities; a company crucial to the network was MoTech Software.
