eMudhra Denies Allegations of Financial Fraud by 3i Infotech
eMudhra Limited denies allegations of financial fraud, criminal breach of trust, and conspiracy by 3i Infotech, involving transactions from approximately fifteen years ago. 3i Infotech claims an impact exceeding ₹128 crore. eMudhra states the allegations are baseless, without merit, and time-barred, and intends to pursue legal recourse.
Allegations of financial fraud, criminal breach of trust, and conspiracy, with a claimed financial impact exceeding ₹128 crore, have a significant potential impact on the company's reputation and operations.
The company is facing serious allegations of financial fraud and conspiracy, which has a negative sentiment despite the company's denial.
eMudhra Limited has issued a clarification to the stock exchanges in response to allegations made by 3i Infotech Limited on February 4, 2026. 3i Infotech has alleged corporate financial fraud, criminal breach of trust, cheating, and criminal conspiracy concerning the disinvestment of 3i Consumer Services Limited (now eMudhra Limited) and the purported wrongful redemption of preference shares, with a claimed impact exceeding ₹128 crore plus interest and damages. A complaint was reportedly filed by 3i Infotech with the Economic Offence Wing of Navi Mumbai Police on February 3, 2026, though eMudhra states it has not received a copy of this complaint.
The company strongly denies all allegations. These matters were first raised by 3i Infotech in January 2024, to which eMudhra responded in detail in February 2024. Subsequent meetings and correspondence in March 2024 and September 2024 followed, with eMudhra seeking to inspect records held by 3i Infotech. However, a scheduled inspection in January 2025 was cancelled by 3i Infotech, and subsequent offers by eMudhra to make documents available for inspection in Bengaluru received no response for over a year. eMudhra further responded to allegations in January 2025, but has not received a reply for over a year.
eMudhra notes that these allegations pertain to matters approximately fifteen years old, and none of the current Board members or Senior Management at 3i Infotech during the relevant periods remain with the company. eMudhra believes the current management of 3i Infotech is making false and baseless allegations without understanding the transaction. The company considers these allegations to be without merit and barred by limitation, and intends to contest the matter through appropriate legal recourse. This disclosure is made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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