Rahul Yadav
Credit: X/@iturathore
Info Edge, the parent company of Naukri.com -- the jobs listing portal -- has filed a First Information Report (FIR) against Rahul Yadav, the founder of 4B Networks -- a proftfolio company -- and co-founder of property renting and purchasing portal Housing.com.
Info Edge, in a stock exchange filing, said that an FIR had been filed against Yadav and others in connecting with 4B Networks.
It alleged inter alia commitment of fraudulent acts involving 4B Network funds, The Times of India reported.
Info Edge, in July 2023, started arbitration proceedings against 4B Networks after the startup was unable to provide crucial information about its operations and management when it came to a forensic audit.
Deloitte was put in charge of conducting the audit after 4B Networks didn't disclose details of financial transactions and related activities to the investor.
Allcheckdeals India, an Info Edge subsidiary, had reportedly invested Rs 288 crore, including Rs 12 crore in debt financing, in 4B Networks. In 2022, the company ended up writing off the investment of Rs 276 crore.
Yadav has been accused of misusing this Rs 276-crore funding he got for the startup. He reportedly transferred these funds to a startup owned by his wife and also gave huge amounts as deposits for office spaces and gave ex-employees big loans.
He was being probed by the Economic Offences Wing of the Mumbai police too.
Who is Rahul Yadav?
Born in Khairtal, Rajasthan in 1989, Yadav comes from a middle-class family. He enrolled in IIT-Bombay in 2007 and soon began his journey as an entrepreneur. He started Exambaba.com -- a site providing a bank of old question papers.
He dropped out of IIT in his final year, but continued his entrepreneurial dreams. Housing.com came into being in 2012 and got an investment from SoftBank. However, Rahul was fired in 2015 reportedly due to bad behaviour with co-founders, media, and investors.
In his personal life, Rahul has been married to Karishma Khokhar since March 12, 2016. She is an investment banker with an engineering background and has an MBA in Finance from the Institute of Management Technology in Ghaziabad.