Mumbai: The Economic Offences Wing (EOW) has arrested two persons for allegedly submitting a fake affidavit in the Bombay High Court, in which they falsely claimed to have deposited Rs 10 crore each on behalf of Harshvardhan Sable, who was directed to pay Rs 50 crore in arbitration to an investor.
The complainant, Chirag Shah, has alleged that Sable had approached him in November 2014, claiming that he had developed a technology, which could stream content, make VoIP calls at a very low bandwidth, including the 2G network. Shah said that Sabale sought funds from him, saying that he needed finance for the initial public offering of his firm – the Technology.
Accepting the proposal, the complainant invested Rs1.6 crore to Sabale between February and November 2015 in the Technology and the latter’s other ventures. Shah had alleged that the accused failed to provide the shares in proportion to his investments, adding that he even fraudulently concealed the details of other investors in order to undervalue his fundings.
After the legal intervention, Shah won an arbitration award in December 2022, with the arbiter directing Sabale to pay USD 4.44 million along with 6% yearly interest calculated from June 30, 2018, till actual payment. The total outstanding amount came to approx Rs50 crore.
In their affidavit, both the Jadhavs claimed themselves to be members of the Balasaheb Education Trust and pledged Rs20 crore on Sabale’s behalf. After the alleged fraud came to the fore, the EOW summoned the duo, who are from the Sindhudurg district, to its Mumbai office. Their questioning led to their arrest on Friday, after which they were remanded to police custody until November 11.
Apart from them, the FIR also includes the names of Sable and their advocate Siddharth Bafna.
