EOW books Plutus holdings and its former employee of cheating Provogue clothing of Rs 90 crores | Mumbai News
MUMBAI: Former promoters of Provogue (India) Limited, has filed a complaint of cheating case against Plutus Holdings and its employees alleging a large-scale conspiracy and financial fraud of nearly ₹90 crore during the company’s insolvency and liquidation process.On their complaint Amboli police have registered an FIR and have booked Amit Gupta, Sameer Khandelwal, Rakesh Ravan and Arpit Khandelwal of cheating, forgery and 120-B of criminal conspiracy and the Economic Offences Wing (EOW) has taken over the probe.According to the FIR, the director of Provogue, as a major shareholders and personal guarantor on company loans, he continued to track the company’s affairs even after it went into liquidation.Police said the company’s loan account with Union Bank of India turned NPA. The bank initiated proceedings under the IBC, and Amit Gupta was appointed as Resolution Professional (RP). The company was eventually liquidated and sold in 2023 to Plutus Investment and Holding Pvt Ltd, The complaint alleges that between 2018–2019 and 2022–2023, RP Amit Gupta carried out “suspicious” new export transactions while crores remained unpaid by earlier export clients. receivables worth ₹32.71 crore accumulated during this period and were not recovered. He alleged that Amit Gupta operated the business through former Provogue employee Sameer Khandelwal, who was “constantly in touch” with former director Rakesh Rawat.They further alleged that the RP, Sameer Khandelwal, Rakesh Rawat and Arpit Khandelwal of Plutus Investment and Holding Pvt Ltd conspired to undervalue Provogue’s 100% subsidiary Elite Team Hong Kong. As per the 2017–18 balance sheet, the subsidiary was valued at ₹54.72 crore and owned two immovable properties in Hong Kong. Despite this, the assets were allegedly concealed under “Other Assets” in the valuation report.The complaint claims that in 2025, Arpit Khandelwal sold one of these Hong Kong properties for “crores of rupees,” benefitting financially from the allegedly suppressed valuation. It also alleges that Amit Gupta delayed the e-auction process by nearly two years, further reducing the company’s value.Theyve stated that three independent valuers appointed before the auction were not given access to balance sheets and essential documents, which he alleges was done to hide the subsidiary company Elite HK’s true financial position.Overall, the complaint accuses the four individuals and Plutus Investment and Holding Pvt Ltd of causing a ₹90-crore loss by undervaluing assets, failing to recover dues, and manipulating the liquidation process.
