New Delhi, Oct 25 Investors, including SCI Investments, Orios and Chiratae Ventures, had raised suspicion over the involvement of the co-founders of tech-based car service company GoMechanic and others in siphoning and diverting funds using the name of an entity, 'Parcit Autocrazy Private Limited'.
“The company (GoMechanic) had significant dealings with an entity named Parcit. We/the Investors were given to understand by the accused that Parcit was engaged in the business of buying and selling auto spare parts and that the business of Parcit was complementary to that of the company.
"Accordingly, the company provided financial support (including support for arranging vendor financing and providing corporate guarantees and securities for financing facilities availed by Parcit) to Parcit. However, the company does not have any shareholding in Parcit,” read the FIR filed by the investors.
GoMechanic’s Amit Bhasin, Kushal Karwa, Rishabh Karwa and Nitin Rana, all founder directors, Prateek Jain (vice-president, finance), Vishal a.k.a Vishambhar Sharma (vice-president, admin) and others have been named in the FIR registered on October 20, which has been accessed by IANS.
"As per the bank statements of Parcit for the period 01.04.2020 to 15.01.2023, a number of fund transfers were noted from the company to Parcit and vice-versa. More particularly for the above-mentioned period, as per the bank statements,” the investors stated in the FIR.
"An aggregate amount of approx. Rs 264.98 crore was transferred by the company to Parcit. However, such payment cannot be linked to any underlying business transactions between Parcit and the company, and the purpose of the payments cannot be identified,” the FIR read.
“Aggregate amount of approx. Rs 200.37 crore was received by the company from Parcit. However, such payment cannot be linked to any actual business transactions between Parcit and the company, and the purpose of the payments cannot be identified,” it added.
The investors in the FIR also alleged that based on the amounts transferred from the company to Parcit and the amounts received by the company from Parcit, a gap of Rs 64.61 crore (approx.) has been identified as transfer from the company to Parcit without business justification.
“There is grave suspicion that this amount has been siphoned by the founder directors and other accused for their personal and ulterior use,” they alleged.
“As per the ledger balance for Parcit in the books of account of the company, total purchases by the company from Parcit is Rs 45.34 crore and sales from the company to Parcit is Rs 2.45 crore in the same period,” they said.
However, there are no invoices or other supporting documentation available evidencing any such sale and purchase transaction.
“Therefore, it appears that a net fictitious liability of Rs 42.89 crore has been created in the books of the company through potentially fake sales and purchase transactions. There is grave suspicion that this fake liability was created to justify siphoning of funds from the company into Parcit for the ulterior and personal benefit of the accused,” the complaint stated.
“We/the investors have information that since Parcit was unable to pay the amounts borrowed by it under vendor financing facilities, an amount of Rs 67,74,30,722 has already been settled by the lenders of Parcit (post 14.01.2023) through utilisation of the company's assets,” they alleged.
“Therefore, from the facts above, a loss to the company of at least Rs 101.59 crore, including a potentially fictitious liability of at least Rs 42.89 crore, based on the ledger entries can be seen with respect to the company's dealings with Parcit.
"There is grave suspicion that the actual amounts siphoned from the company could be significantly higher than that set out here. We/the investors, therefore, request your good offices to take matters in hand and investigate further,” they said.
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