A financial scam of nearly ₹90 crore has been uncovered in Provogue India Limited, a private company based in Andheri. Following the revelation, Amboli Police have registered a case against four key accused along with directors and officials of Plutus Investment and Holding Pvt. Ltd. The individuals booked include Amit Gupta, Sameer Khandelwal, Rakesh Rawat, Arpit Khandelwal, and officials of Plutus Investment and Holding Pvt. Ltd. Police will soon issue summons to all accused for questioning, and owing to the magnitude of the fraud, the investigation has been transferred to the Economic Offences Wing.
The complainant, Nikhil Anupendra Chaturvedi, is a businessman residing in Lokhandwala, Andheri. He had established Acme Clothing Pvt. Ltd. in 1994, which was later renamed Provogue India Limited in 2005. Chaturvedi served as the Managing Director and primary shareholder, and had provided personal guarantees for the company’s bank loans. After liquidation proceedings, the company was acquired by Plutus Investment and Holding Pvt. Ltd. Earlier, the company’s head office operated near Fun Republic Cinema in Andheri. In 2014, a major fire broke out at the company’s Daman factory, causing extensive losses. Financial difficulties soon pushed the company’s loan accounts into the NPA category, prompting the bank to file a complaint with the NCLT under the IBC. Amit Gupta was subsequently appointed as the Resolution Professional, and the liquidation process concluded in 2023.
Despite the sale of the company, its outstanding loans remained unpaid and Chaturvedi’s personal guarantees were not released. When he attempted to obtain information about the company’s retention bank accounts, he discovered several irregularities. He found that large amounts were pending from earlier export clients, and between 2019 and 2023, several suspicious export transactions had been executed. During the resolution and liquidation phases, Amit Gupta reportedly exported goods worth crores to new foreign buyers without valid justification. The company was owed ₹32.71 crore, which Gupta allegedly misappropriated for personal gain, causing significant losses.
Between 2018 and 2023, Gupta had complete control over company operations. During this period, he, along with former directors Sameer Khandelwal and Rakesh Rawat, allegedly carried out unauthorised financial transactions without informing Chaturvedi, resulting in major monetary discrepancies. The company’s subsidiary, Elite Team Hong Kong, valued at ₹54.72 crore, along with two immovable properties in Hong Kong, was auctioned during the e-liquidation process. The accused allegedly undervalued the actual worth of the company’s assets, concealed crucial information, and intentionally delayed the auction process by two years to bring down the company’s market value. This move reportedly benefited Plutus Investment and Holding Pvt. Ltd., which purchased the assets.
The enquiry revealed that Amit Gupta, with the involvement of former directors and company officials, conspired to cheat Chaturvedi and caused a financial loss of nearly ₹90 crore. After verifying the complaint, police registered a case of cheating, criminal conspiracy, and misappropriation against the accused. The investigation has been officially handed over to the Economic Offences Wing, which has commenced its probe. Police are expected to record the statements of all the accused soon.