Lawstreet Journal

Over 150 Crore Network18 Scam Exposed

Lawstreet Journal 19 Oct 2019 5:40am

Image courtesy: Lawstreet Journal Business Over 150 Crore Network18 Scam Exposed

A startling discovery has been made today (October 18, 2019) revealing the abominable scam committed by Network 18 through its subsidiary company HomeShop 18. The scam involved a whopping amount over Rs. 150 crore.

How did the scam happen?

HomeShop18 is an Indian online and on-air shopping channel which was owned by the Network 18 Group division of Reliance Industries till June 6, 2019. Thereafter, the ownership of the company was shifted to Sky Blue Buildwell Pvt. Ltd., a subsidiary company of Infotel Broad Band.

It was alleged by the vendors of the HomeShop 18 that the company has engulfed their payments amounting to over Rs 150 crore.

Girish Gupta, a vendor of HomeShop 18, talking to LawStreet Journal reporter said that “HomeShop 18 advertises the products of the vendors and supply it all over India. They work on commission basis, they cut their commission and pay the vendors. Trusting the big ventures like Reliance and Network 18, we have invested everything on HomeShop 18. My Rs 2.7 crore is stuck with the company.”

Mr. Gupta revealed that Network 18 acting in the capacity of collection agent on behalf of the vendors has engulfed all the money which it has received and now they are denying to pay them.

He disclosed that day after day the company is changing their CEOs and CFOs. When the ownership of the company was shifted to Sky Blue Buildwell Pvt. Ltd., that time the director of the company was Ankit Lunia and Akhilesh Tripathi. After a few days, the directors were changed to Surinder Lunia and Sunil Batra.… Continue Reading...

Tagged: Scam  
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