Shopclues Founder Says Wife, Friend Tried To Steal Company From Him

Sandeep Aggarwal has said that he was the original founder of Shopclues, an online marketplace, which connects customers to sellers.

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Shopclues Founder Says Wife, Friend Tried To Steal Company From Him

Shopclues, an online marketplace, launched in India in 2011.

New Delhi:  One of the founders of online marketplace Shopclues has accused his wife and another co-founder of trying to take control of the company valued at over $1.1 billion earlier this year. Sandeep Aggarwal, who says he was the original founder of the company launched in 2011, has filed a police complaint against his wife Radhika and Sanjay Sethi, the chief business officer and CEO respectively. Police have registered a First Information Report or FIR against the two on the orders of a Delhi court.

The court held that "a prima facie case for commission of cognisable offences is made out."

Mr Aggarwal had alleged that his wife and his friend Mr Sethi had conspired together and fabricated several documents to gain control over the company.

"They took his signatures on wrong papers and committed forgery to usurp the company," Mr Aggarwal's lawyer Vijay Aggarwal said.

Mr Aggarwal claimed that while he was facing charges of insider trading in a separate case in the US, Ms Aggarwal and Mr Sethi conspired along with others to oust him from his own firm. According to the FIR, the US Department of Justice and the Federal Bureau of Investigation (FBI) had charged Mr Aggarwal with insider trading in July 2013, for which he had to remain in that country.

Mr Aggarwal said he had handed over the reins of the company to his wife in 2013 because of the case. Taking the opportunity, the Mr Sethi and Ms Aggarwal tried to take over the company. 

Mr Aggarwal has accused the two of criminal conspiracy, breach of trust, forgery and cheating.

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