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Former CEO Vijay Agarwal, Associates Booked For ₹19.66 Crore Corporate Fraud In Mumbai

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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.

Crime

Delhi Assembly, Sardar Patel Vidyalaya, several govt offices receive bomb threats; checking on

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New Delhi, Sep 8: The Delhi Assembly, Sardar Patel Vidyalaya (SPV) and several government establishments in the national capital received bomb threats through email on Tuesday, officials said, prompting security agencies to immediately activate standard operating procedures and launch extensive checks at the affected locations.

The threats were reported during the morning hours, following which security agencies and emergency response teams were rushed to the locations as a precautionary measure. Officials said the areas were secured and detailed anti-sabotage checks were initiated to rule out any possible security threat.

Teams from the Delhi Police, bomb detection and disposal squads, dog units, and the Delhi Fire Services reached the locations and cordoned off the concerned areas as part of the standard security protocol followed after receipt of a bomb threat.

So far, nothing suspicious has been found at any of the locations searched by the security teams, officials said. The premises are being checked thoroughly, and authorities are continuing to monitor the situation as part of the precautionary arrangements.

Further investigation into the email and the source of the threat is underway.

The latest threat has come amid existing security concerns surrounding the Delhi Assembly, which has received similar bomb threats in the past.

Earlier, on August 14, multiple locations in Delhi, including the Delhi High Court, had received bomb threats, prompting heightened security arrangements in the national capital ahead of Independence Day.

The Delhi High Court had received the threat through email, with the message warning of an alleged blast at the court at 2.11 p.m. on August 15. The email was titled ‘BOMB Blast Delhi High Court @ 2:11PM’ and specifically mentioned the timing of the purported explosion.

The same email had also threatened explosions at district courts in Delhi at 3:11 p.m. on August 15, adding to security concerns in the national capital ahead of the Independence Day celebrations.

In addition to the High Court, five other locations had received bomb threats through phone calls. These included Jamnagar House, Jhandewalan Building, the MB Road Saket office, Terminal 3 of the Indira Gandhi International (IGI) Airport, and the Sub-Divisional Magistrate (SDM) office in Delhi Cantonment.

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Crime

Inter-state transformer theft gang busted in Pune, three arrested

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Pune, Sep 8: Pune Crime Branch has busted an inter-state gang involved in stealing transformers and copper wires from them in and around the city, arresting three accused and recovering stolen property worth Rs 12.73 lakh, officials said on Tuesday.

According to police, the Unit 7 team was conducting patrols when Constable Vinayak Salve received confidential information that some people involved in transformer thefts would arrive in the Wadegaon area of Haveli taluka.

Acting on the information, Police Inspector Wahid Pathan directed PSI Rahul Kolpe to verify the information and initiate legal action. A trap was subsequently laid at Wadegaon, where police intercepted a goods tempo bearing registration number MH-12-GT-6675 on Sunday.

Three men travelling in the vehicle were detained and questioned. They were identified as Mohammed Sahebjaan Mangrekhan, 30, Adarsh Chandraprakash Pandey, 22, and Chandrasen Shivratan Dharia, 28. Police said all three are originally from Uttar Pradesh and were residing in Pune district.

During questioning, the accused confessed to stealing copper wires from eight transformers over the past five to six months. The thefts reportedly took place in Wadegaon, Ashtapur, Sangvi Sandas, Nhavi Sandas, and Hingangaon areas under the jurisdiction of Lonikand Police Station.

Police said the arrests helped solve eight cases registered at Lonikand Police Station under Section 324(4) of the Bharatiya Nyaya Sanhita and Section 136 of the Indian Electricity Act.

The three accused were arrested, and further investigation is underway to determine whether other people were involved in the gang and identify where the stolen copper material was being sold.

Earlier, on May 27, Pimpri-Chinchwad Police had arrested three members of a gang involved in 48 cases of electricity transformer theft across Pune district.

Chakan North police had cracked the case while investigating the theft of copper wires from a transformer installed at Nexus Healthcare in Biradwadi village, Khed taluka. The theft reportedly took place between May 15 and 16.

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Crime

Assam: Vigilance Cell searches senior official’s residence over alleged disproportionate assets

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Guwahati, Sep 7: A nine-member team of Assam Chief Minister’s Vigilance Cell on Monday conducted a search at the official residence of Dhemaji District Development Commissioner (DDC) and senior Assam Civil Service (ACS) officer, Debeswar Bora, in connection with an ongoing probe into alleged irregularities and suspected possession of assets disproportionate to his known sources of income.

The vigilance team arrived in Dhemaji from Guwahati in two vehicles and carried out the search at Bora’s government accommodation.

The officer was also questioned by the investigators during the operation.

Officials have so far not disclosed details of the case or specified the documents, assets or other materials examined during the search.

According to preliminary information, the Vigilance Cell initiated the case following a complaint filed by a doctor.

The allegations reportedly relate to Bora’s tenure as Joint Secretary in the Medical Education and Research Department under the state Health Department.

The complaint is understood to have led to a preliminary enquiry into alleged irregularities during his earlier posting.

During the course of the enquiry, certain properties and assets allegedly linked to the senior officer came under the scrutiny of the Vigilance Cell.

Sources said properties located in Guwahati and Lakhimpur are among those being examined as part of the probe.

Investigators are also reportedly looking into the ownership of some of the properties, which are allegedly registered in the names of Bora’s wife and other family members.

The probe is expected to examine the sources of funds used for acquiring the properties and whether they correspond with the known income of the officer and his family.

The search at the DDC’s official residence is part of the ongoing investigation and is expected to help the Vigilance Cell gather documents and other material relevant to the allegations.

The Vigilance Cell has not yet issued an official statement on the case or disclosed the findings of Monday’s search. Further details are awaited as the investigation progresses. The allegations remain subject to verification and due legal process.

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