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“Sacked” Valuefirst CEO Kumar Apoorv booked for cheating the company

Gurgaon police has registered a case against Kumar Apoorv, former CEO of Value First, his wife Priya Gupta, and two former directors of the company – Raju Venugopal and Venu Kumar Raju, reports Times of India.

According to the FIR registered with the Gurgaon police, the four have been accused of fraud involving Rs 7 crore and also of spreading false news.  The complainant, a director of Valufirst, said that Apoorv was sacked from the company on September 23 and he did not resign on his own as he claims to have.

Gagan Chadha, a director of Value First Digital Media Ltd, lodged a complaint at the Sadar police station in Gurgaon. In his complaint, he accused his company’s former CEO Kumar Apoorv of making personal gains through the acquisition of Way2sms- another company which was bought by Valuefirst earlier.

The complaint says that Apoorv had proposed the acquisition of Hyderabad based consumer focused Internet technology company Way2sms for Rs 150 crore to the board of directors. The complaint says that the it was later found that Apoorv was cheating the company as an amount worth Rs 7 crore involved in the deal went into his personal bank account.

At that time, the transaction was one of the largest acquisitions in the Internet industry in India that made ValueFirst (as claimed) the largest Indian digital media company by revenue and number of users. Directors of Way2sms were also in on the scam with Kumar Apoora, the complaint said.

To corroborate the complaint, Valuefirst director has attached the Kumar Apoorv’s bank statements which show that the directors of way2sms company have transferred Rs 7 crore in three instalments to the account of the sacked chief executive. And, the company management now wants to know why Kumar Apporva made a personal deal out of the acquisition deal for his personal profit. The accused couldn’t be contacted, said the report.