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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