Accessories firm Provogue in turmoil over Rs 90 crore fraud: Ex-Director under scanner

Mumbai EOW books four, including a former director and ex-employee of Provogue India Ltd, for a ₹90 crore fraud involving asset undervaluation and delayed auctions

PGurus Newsdesk

November 20, 2025

Four people, including Provogue’s ex-director and employee, have been booked by Mumbai EOW

Provogue ex-director, employee among four booked for ₹90 crore fraud

The Economic Offences Wing (EOW) of the Mumbai Police has registered a criminal case against four individuals — including a former director and an ex-employee of Provogue India Ltd — for allegedly cheating the company of ₹90 crore, officials said on Wednesday.

Provogue India Ltd, a Mumbai-based fashion and lifestyle brand, manufactures and retails men’s and women’s apparel, accessories and luggage.

Assets undervalued, auction delayed to push down price

According to investigators, the accused conspired to undervalue the company’s assets and intentionally delay the auction process by nearly two years. The deliberate slowdown allegedly pushed down, allowing one of the accused, Arpit Khandelwal, to purchase the company at a significantly reduced price.

The EOW also stated that the accused failed to recover receivables from debtors, causing further financial damage to the company and benefiting themselves.

A formal complaint was lodged by Nikhil Chaturvedi (55), former Managing Director of Provogue India Ltd. The alleged offences took place between 2018 and 2023.

Those named in the FIR include:

Rakesh Rawat – former director
Sameer Khandelwal – former employee
Amit Gupta – resolution professional
Arpit Khandelwal – buyer
Plutus Investments and Holding Ltd
Others

Case registered for cheating and conspiracy

The Mumbai EOW has booked the accused under charges of cheating, criminal breach of trust, and criminal conspiracy. An investigation is currently underway.

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