Snapdeal parent firm files FIR against former GoJavas promoters
Jasper Infotech, the parent company of Snapdeal, along with the current management of Quickdel Logistics, which operates the delivery firm GoJavas, has filed a case of forgery, cheating and misappropriation of funds against the former senior executives and directors of GoJavas.
The online marketplace held around 50 per cent shares in the logistics firm, which it sold to Pigeon Express after it took over GoJavas in March 2016. An FIR has been filed at the Economic Offence Wing (EOW) of the Delhi Police.
According to the FIR, which Business Standard has accessed, Snapdeal and Quickdel have alleged that the erstwhile promoters and senior executives of GoJavas, including former executive director of Quickdel Logistics Abhijeet Singh, promoters Praveen Sinha, Randhir Singh and Ashish Chaudhary committed fraud, breach of trust, conspiracy and criminal misappropriation of funds to the tune of ~357.26 crore.
In the FIR, Jasper has alleged that back in 2014 GoJavas former executives induced Kunal Bahl and Rohit Bansal — the founders of Jasper — to invest in Quickdel by suggesting that the investment would help the delivery company grow faster and become a sizeable market player.
“As a result of these false representation, the complainant (Snapdeal) was induced into buying shares of Quickdel from Randhir Singh and Praveen Sinha and acquired about 49.99 per cent shareholding in Quickdel,” the FIR document stated.
Senior EOW officers said they are investigating the matter and questioning in the case would begin soon. He said EOW asked for all financial details related to the case and would be looking at those to assess to what extent the fraud was done. “Investigations are on and we have formed a team to look into the case,” said the officer.
GoJavas was founded in 2013 and has clients such as Jabong, Fabfurnish, Lenskart and Healthkart. This April, it named former ITC executive Amitabh Coomar its new chief executive officer after Vijay Ghadge’s departure.