Mumbai: In a major corporate fraud case, a complaint has been registered against former CEO Vijay Agarwal and his associates Yogesh Bhura and Akshay Anjalia for allegedly conspiring to cheat Nibble Technologies Pvt. Ltd., a Powai-based tech firm, of approximately ₹19.66 crore through forged contracts and intellectual property theft.

According to the complaint, the accused, between November 2021 and August 2024, allegedly colluded with four companies — IQ Capital Holdings PTE. LTD. (Singapore), Dextra Lab PTE. LTD. (Singapore), Dextralab Solutions Pvt. Ltd. (Mumbai), and Dextralabs Innovation Pvt. Ltd. (Mumbai) — to execute fake and fabricated Master Service Agreements (MSAs) dated November 23, 2023. The agreements were allegedly signed by Yogesh Bhura, the authorized signatory of IQ Capital Holdings, and Vijay Agarwal.

The complaint further states that the trio misused company data, computer systems, source codes, products, and intellectual property to transfer ownership and profits illegally to the aforementioned entities. This was allegedly done with the intent to deceive Nibble Technologies and derive unlawful financial gains.

As a result, Nibble Technologies claims to have suffered losses amounting to ₹12.05 crore in product value, ₹4.77 crore in services, and ₹2.84 crore in revenue, totaling ₹19.66 crore.

Police sources confirmed that the accused took undue advantage of their positions of trust within the company and executed a criminal conspiracy to misappropriate proprietary assets and customer contracts. The alleged fraudulent acts included forging official correspondence and manipulating client relationships for personal benefit.

A case has been registered against Vijay Agarwal, Yogesh Bhura, Akshay Anjalia, and the four linked companies under relevant sections of the BNS related to cheating, criminal breach of trust, and forgery at Sakinaka Police Station. This case has been transferred to Economic Offence Wing (EOW ). The investigation is underway to trace the money trail and recover the misappropriated intellectual property, Said EOW Official.

Mumbai, Oct 15: Indian stock markets opened on a positive note on Wednesday, taking cues from the upbeat global sentiment.

The Sensex climbed 243 points, or 0.30 per cent, to trade at 82,273, while the Nifty rose 79 points, or 0.31 per cent, to start the day at 25,225.

Commenting on the Nifty’s technical outlook, experts said that though the 20-day SMA stepped in yesterday, to limit the extent of the drop, we prefer to give more weightage to the bearish engulfing pattern, thus acknowledging the prevailing bearish bias.

“Meanwhile, we remain equally prepared to switch sides, if Nifty manages to push beyond 25230. However, we will wait for a break beyond 25330 to play directional upsides,” they added..

Buying was seen across most sectors, with heavyweights like Bajaj Finserv, Bajaj Finance, NTPC, L&T, Power Grid, BEL, Bharti Airtel, Trent, and Asian Paints leading the gains. These stocks moved up by as much as 1.2 per cent in early trade.

However, some pressure was seen in select counters such as Tech Mahindra, Axis Bank, Infosys, and Titan Company, which slipped up to 1.2 per cent.

In the broader market, the Nifty MidCap index gained 0.38 per cent, while the Nifty SmallCap index advanced 0.20 per cent — indicating a positive trend beyond the frontline indices.

Among sectoral indices, Nifty IT and Financial Services rose 0.6 per cent each, while PSU Bank and Realty indices also traded higher — reflecting a broadly optimistic market mood.

Experts said that investors are likely to track global market trends, crude oil prices, and institutional flows for further direction.

“In the current environment of heightened volatility and mixed market cues, traders are advised to maintain a cautious “buy-on-dips” approach, particularly when using leverage,” analysts said.

“Booking partial profits during rallies and maintaining tight trailing stop-losses is recommended to manage risk. Fresh long positions should be considered only if the Nifty sustains above the 25,300 mark,” they added.

Palghar, Maharashtra: Farmers in Wada taluka whose land has been affected by the installation of high-voltage power line towers have been staging a sit-in and devotional bhajan protest outside the Wada Sub-Divisional Office for the past seven days.

The farmers claim that despite towers being erected on their farmland, they have yet to receive adequate compensation, prompting them to unite and demand fair payment. Frustration has grown as no solution has been provided so far.

Across Palghar district, including the talukas of Wada, Vikramgad, and Jawhar, private companies have been installing transmission towers on farmland without prior notice or consent from landowners. The affected farmers allege that the towers disrupt normal farming activities, making crop cultivation difficult and causing long-term losses. According to the farmers, they are not receiving proper compensation for the damage to their land.

“Towers are being erected on our land, making it permanently unusable. We cannot sow crops or plant trees there. Yet, the government has provided no fair compensation. This is highly unjust,” said an affected farmer.

Approximately 350–400 farmers have participated in the protest since last Wednesday. Local representatives have met with the protestors and assured them that efforts are being made to resolve the issue. Meanwhile, the farmers have urged the administration to pay closer attention to their concerns.

. Compensation for affected land should follow a “one district, one rate” principle — ₹10 lakh per guntha (currently, only ₹2.5 lakh per guntha is being offered).

. Increase the compensation for power line impact from 30% to 100%.

. Employment should be provided to one member of each affected farmer’s family.

. Compensation should be paid at five times the current rate.

. No construction work should begin until full compensation is paid to the affected farmers.

. Prior consent of farmers must be obtained before starting any work on agricultural land.

A senior official stated that the farmers’ demands are policy-related and have been forwarded to higher authorities for consideration.

The ongoing protest has reportedly caused some disruption at the sub-divisional office, with officials and staff facing difficulties in carrying out routine administrative work.