Go-Mechanic Scam | Go Mechanic Fraud की पूरी जानकारी |

GoMechanic had all the right mix to be a pioneer in the garage services business. It had the first-mover advantage, IIM A-graduate founders, big names of the VC world either invested or interested, a strong customer base, and a network of nearly 1,000 garages across 40 cities in place. Yet things went downhill. “Our passion got the better of us,” said Amit Bhasin, Co-founder at GoMechanic, in a LinkedIn post admitting to financial reporting errors at the Sequoia-backed car repair startup. He said that he, along with his three co-founders, “got carried away” while trying to grow at all costs and made “grave errors” in judgment.
Police have named founder-directors Amit Bhasin, Kushal Karwa, Rishabh Karwa and Nitin Rana, along with other senior officials, in the FIR lodged this week. Go Mechanic is a tech-based car service company started in 2016. The Delhi Police’s Economic Offences Wing (EOW) has booked Gurgaon-based tech startup Go Mechanic’s co-founders and senior officials for alleged criminal conspiracy, fraud, forging documents, cheating, and falsification of accounts.
Police have named founder-directors Amit Bhasin, Kushal Karwa, Rishabh Karwa and Nitin Rana, along with other senior officials, in the FIR lodged this week. Go Mechanic is a tech-based car service company started in 2016.
The company did not respond to an email seeking a response to the allegations against its founder-directors.
The complaint was lodged on behalf of three venture capitalists who invested more than Rs 211 crore in the company from 2017-21. The investors - SCI investments, Orios, and Chiratae Ventures - alleged falsification of the books of accounts and financial records of the company.
“Between 2017 and 2021, we/the Investors invested in the company. As is typical in such transactions, these investments were made on the basis of a review of the documents that were provided by/under the instructions of the accused founder-directors. The accused founder-directors represented that the company had high growth potential by producing books of accounts and other financial records which showed healthy business activity and revenues,” the FIR read.
Over time, the complainants alleged, a review or audit was conducted at their instance before funding but the accused directors gave “fudged and incorrect” data.
The FIR further states, “We/Investors wish to inform you that we have recently discovered that the accused persons had fabricated and falsified the books of accounts and financial records of the company that were presented to us in order to dishonestly and fraudulently induce us into investing in the company between 2017-2021.”
The complainants alleged they had confessions and recorded admissions of the accused with them and demanded an investigation into their funding.
“A thorough investigation is required to unearth the extent to which such financial records were cooked up and falsified, but the accused persons have admitted and confessed that they had inflated and manipulated ‘revenue figures’ in order to mislead us (the Investors) to induce us into investing… Instead of using our investment of over Rs 200 crore towards the legitimate business activity of the company, the accused have fraudulently abused their authority as directors, agents, and employees of the company to commit criminal breach of trust by diverting and siphoning the capital/funds for personal and ulterior uses.”
The complainants also accused the directors of forging bank records to keep investors in the “dark” about their true financial position.
On January 11, 2023, police said Bhasin and Karwa visited Sequoia Capital India LLP’s office in New Delhi and allegedly “confessed” to its representatives that there had been “over-reporting of revenues” and “under-reporting of expenses” in the company. Police said they are verifying such allegations.
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[@Devilevilcross]

go mechanic ke admin ko neuro doctor se proper medication karwa lena chaiye coz ye fake billing aur overpricing karke khud ko kaafi smart samajhte but actually they are having mental psychosis and lunatic behaviour which needs asylum for admin until fit

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