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.
TradeCred may have reached the end of the road, according to eight HNI investors who want to withdraw their funds after alleging the invoice discounting platform bluffed them. The platform offered high-net-worth individuals the chance to invest in invoices for short-term returns. The story details a journey from sales pitches to legal notices, with many investors still waiting for their principal amount and returns. The platform is currently operating in a regulatory grey area.
