Info Edge Files FIR Against 4B Networks Founder for Fraud

Info Edge, owner of Naukri.com, announced that its subsidiary AIPL has filed an FIR against Rahul Yadav and others for alleged fraudulent activities at 4B Networks. Despite multiple requests for financial details, 4B Networks was non-compliant, leading to a forensic audit and eventual FIR. Info Edge previously wrote off its investment due to financial concerns.

Naukri.com's parent company, Info Edge, has taken legal action against 4B Networks founder Rahul Yadav, alleging fraudulent activities. The subsidiary AIPL lodged an FIR after 4B Networks consistently failed to disclose critical financial information despite repeated requests.

According to Info Edge, the alleged misconduct included mishandling of funds, prompting the company to use its rights under the shareholders' agreement to initiate a forensic audit of 4B Networks' operations. The FIR names several individuals, including Yadav, as suspects in the investigation.

Despite the seriousness of the allegations, Info Edge claimed the FIR would not materially impact its financial status. The company had previously written off its entire Rs 288 crore investment in 4B Networks due to cash burn and liquidity challenges.

(With inputs from agencies.)