The Economic Offences Wing (EOW) of Mumbai Police has booked four individuals, including former director Rakesh Rawat and ex-employee Sameer Khandelwal, for allegedly cheating Provogue India Ltd of Rs90 crore.
Provogue India Ltd, headquartered in Mumbai, is known for manufacturing and selling apparel, accessories, and luggage for men and women.
Officials said the accused—Rakesh Rawat, Sameer Khandelwal, resolution professional Amit Gupta, Arpit Khandelwal, and representatives of Plutus Investments and Holding Ltd—allegedly conspired to undervalue the company’s assets and deliberately delayed the auction process for two years to lower its market value, allowing Arpit Khandelwal to acquire the company.
The EOW further stated that the accused retained receivable amounts from clients for personal gain, harming the company financially.
The complaint was lodged by Nikhil Chaturvedi, former managing director of Provogue India Ltd. The offences reportedly occurred between 2018 and 2023.
The accused have been charged with cheating, criminal breach of trust, and criminal conspiracy, and the investigation is ongoing.
