After Stayzilla CEO Vasupal’s arrest, Chennai police in search of co-founder
A day after the arrest of Yogendra Vasupal, CEO of Stayzilla, the Chennai police is on the lookout for Stayzilla co-founder Sanchit Singhi on charges of defrauding an ad agency of Rs. 1.72 crore.
Singhi was also named in the first information report (FIR), reported The Times of India.
The complaint was filed by Chennai-based advertising professional Aditya CS of Jig Saw ad agency.
The complainant stated that Vasupal and his CFO Sachit Singhi had not cleared bills for over a year, and that the two had intimidated him.
On Tuesday, Vasupal was produced before the court and was remanded to Puzhal prison. In a blog written by Vasupal’s wife Rupal, she said, “He was taken to the magistrate at 10.00 PM though courts do not function after 6 PM. His whereabouts from when the cops took him into custody today from 11am to 6pm were not known and the lawyer and our family had to go from one station to another looking for him.”
Moreover, Rupal had said that they were yet to receive the FIR copy in the case. But she said that the lawyers managed to take pictures of the FIR and have the FIR number and they will be applying for bail on Thursday.
Speaking to The News Minute, Aditya CS, proprietor of Jig Saw Solution and Advertising, had said that Jig Saw has been executing all campaigns since Stayzilla started operations. He also said that when he demanded further clarity on payment in the first week of December 2016, Sachit Singhi, co-founder, Stayzilla, criminally intimidated him stating that Aditya will face dire consequence if he continues demanding any further payment of money.
An FIR was registered on March 13 under IPC section 420 (fraud), 406 (criminal breach of trust) and 506 (criminal intimidation) by the Chennai crime branch.