OYO founder charged with ‘fraud, criminal conspiracy’

New Delhi: An FIR was reportedly registered in Mohali against Ritesh Agarwal, the young founder and CEO of Oyo Hotels and Homes Private Limited (OHHPL) and Sandeep Lodha, the CEO of OHHPL’s brand Weddingz.in, for alleged “fraud and criminal conspiracy”. Oyo refutes the charges levied against its management and leadership.

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The complaint was filed by Dera Bassi police in Mohali district on charges made by a Chandigarh-based businessman Vikas Gupta who complained that the OYO’s top management wriggled out a business agreement “illegally and with criminal intent”. SSP, Dera Bassi police marked the complaint to SP (Rural) Mohali who after an investigation recommended that an FIR be registered in the matter.

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The complainant alleged that agreement was signed in 2019 between his company Vikas Mineral Foods Pvt Ltd (VMFL), which also runs the marriage palace Casa Villaz Resorts Dera Bassi. In a press conference on Monday, Gupta said Chandigarh head of Weddingz.in came into his contact in June 2019 and expressed interest in running the business of his banquet hall in exchange for a fixed monthly compensation.

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He said an agreement was signed after all requisite documents and No-Objection Certificates (NOCs) asked for by OHHPL were submitted and the same ratified by the finance and legal teams of the company. Everything was fine until the coronavirus pandemic struck and public gatherings were prohibited by the government.

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