OYO Founder Booked for 'Fraud' and 'Criminal Conspiracy'! Details

An FIR has been reportedly registered in Mohali against Ritesh Agarwal who is the founder and CEO of Oyo Hotels and homes Private Limited (OHHPL) and Sandeep Lodha who is the CEO of OHHPL’s brand Weddingz.in.

They have been booked for committing alleged “fraud and criminal conspiracy”. Oyo has denied those charges. 

The complaint has been filed by Dera Bassi police in Mohali district based on the charges made by a Chandigarh- based businessman Vikas Gupta who has accused Oyo of wriggling out a business agreement with illegal and criminal intent. 

The news daily Tribune reported that SSP, Dera Bassi police marked the complaint to SP (Rural) Mohali, who recommended that an FIR be held registered

“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,” Times Now reported.

He stated that an agreement was signed after the NOC and requisite documents asked by OHHPL were submitted and the same documents were allegedly ratified by the finance and legal team of the company.