The Economic Offences Wing (EOW) of the Mumbai police has registered a case against four individuals, including a former director and an ex-employee of Provogue India Ltd, for allegedly cheating the company of Rs 90 crore, officials said.

Provogue India Ltd, headquartered in Mumbai, is involved in manufacturing and selling a wide range of products, including men's and women's apparel, accessories, and luggage.

The accused have been identified as former director Rakesh Rawat, ex-employee Sameer Khandelwal, resolution professional Amit Gupta, new purchaser Arpit Khandelwal, Plutus Investments and Holding Ltd, and others, an official said on Wednesday.

“The accused conspired and allegedly undervalued the company’s assets and deliberately delayed the auction process by two years to bring down its market value so that Khandelwal could purchase the company,” the official said.

He added, “The accused did not collect the receivable amounts from clients (debtors) for personal gain.”

The complaint was lodged by 55-year-old Nikhil Chaturvedi, a former managing director of Provogue India Ltd, the official said.

According to authorities, the offence took place between 2018 and 2023.

“The accused have been booked on the charges of cheating, criminal breach of trust and criminal conspiracy,” he said, adding that the investigation is ongoing.