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Info Edge (India) Ltd, the owner of Naukri, has started a forensic audit of Broker Network (operated by 4B Networks Pvt Ltd) founded by Rahul Yadav for repeatedly failing to provide information on financial transactions and transactions with related parties, among other things. Allcheckdeals India Pvt Ltd (AIPL), a wholly-owned subsidiary of Info Edge, invested Rs276 crore in Mr Yadav's 4B Networks and provided debt financing of Rs12 crore. AIPL holds a 65% stake in Broker Network, Mr Yadav has a 32% stake, while others own the balance.
This was after the former Housing.com founder’s latest startup exhausted Rs 192 crore in the past 14 months and majority shareholder Info Edge asked it for granular financial details.
Broker Network founder Rahul Yadav is alleged to have built a web to syphon off funds that has left employees without pay for months