The couple has not yet received bail, remaining in custody as the investigation continues.
After placing orders worth Rs 4,000 crore with Gruner Renewables, a company promoted by Utkarsh Gupta, one of India’s largest conglomerate is facing significant financial exposure.
As per a report by The Hindu dated June 19, 2024, Gruner Renewables has secured these substantial orders and is also reportedly in discussions for a potential joint venture with a leading public sector undertaking (PSU).
However, what The Hindu did not reveal, but is now coming to light through separate investigations, is the troubling background of Gruner Renewables' promoter, Utkarsh Gupta.
Gupta, along with his wife Shivangi Vishnoi, is currently in jail, facing multiple charges of fraud and data theft linked to his previous employment at NexGen Energia Ltd.
The couple has not yet received bail, remaining in custody as the investigation continues.
FIRs filed by NexGen Energia alleged that Gupta and Vishnoi, along with other associates, illegally accessed and misused sensitive company information to establish Gruner Renewables.
This company then used the stolen data to win lucrative contracts, including those with Reliance Industries.
The FIR, registered on May 17, 2024, details how Gupta allegedly stole confidential client data during his tenure at NexGen Energia, which was later used to form Gruner Renewables.
The accusations against Gupta, Vishnoi, and their associates include breach of trust, cheating, criminal intimidation, and conspiracy under various sections of the Indian Penal Code, as well as violations under the Information Technology Act.
While the largest conglomerate involved in the deal has not commented on the ongoing investigation, the potential implications are severe. The conglomerate is now exposed to significant financial risk due to its dealings with Gruner Renewables.
As investigations continue, the focus will likely shift to how it and the other affected entities respond to these revelations and what steps will be taken to mitigate further risks.
This case underscores the importance of due diligence and robust data security measures, especially when engaging with new business partners. The unfolding situation may also prompt closer scrutiny of corporate governance practices across the industry.
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