Oyo founder Ritesh Aggarwal booked for fraud

Tribune News Service

Mohali, September 14

The founder and CEO of Oyo Hotels and Homes Pvt Ltd (OHHPL), the country’s well-known hotel chain, is in the dock as the Mohali police have registered a case of fraud and criminal conspiracy against him on the complaint of a Chandigarh-based businessman.

An FIR has been registered against Ritesh Aggarwal, founder, Oyo Hotels, and Sandeep Lodha, CEO of the OHHPL’s brand Weddingz.in, on the complaint of Vikas Gupta.

The victim, in his complaint to the SSP, had alleged that the company’s top management abruptly wriggled out of a business agreement illegally and with criminal intent. The SSP marked the complaint to the SP (Rural), Mohali, who, after conducting a thorough investigation, recommended registration of an FIR against the suspects.

Vikas Gupta said an agreement was signed between his company Vikas Mineral Foods Pvt Limited under which he also operated Banquet Hall Casavillaz at Ramgarh-Mubarakpur road, Dera Bassi, Mohali, and Oravel Stays Pvt Ltd (OSPL). He said in June 2019, he came in contact with Virender Pal Bhasin, head, OHHPL, Chandigarh, who showed interest in his banquet hall. He said an agreement was signed, according to which the Weddingz.in team would handle the business and pay them a fixed amount every month in return.

Gupta said all documents and NOCs asked by the OHHPL to run his banquet hall were submitted and the top management, including the finance and legal teams, of Oyo was satisfied. Everything was running smoothly until the Covid outbreak restrictions were imposed on gathering in marriages and events, he added.

He alleged, “Fearing losses, the OHHPL hatched a conspiracy and against the terms of the signed agreement, sent him a notice on March 16 this year to again submit NOCs and other documents. They gave me 15 days notice period, whereas according to the agreement, 60 days is the notice time to be given in case any party wants to break the agreement if any breach happens.”

He said later another notice asking him to pay over Rs5 crore (approximately) penalty was sent to him, as part of a criminal conspiracy to make huge and easy money through pressure tactics. He said both notices sent to him were unsigned, so these had no legal sanctity.

“My company was served a forged termination notice on April 22 under conspiracy in which a mention of a letter/or notice dated March 30 was

made, but no such letter or notice was ever received, which revealed their deliberate conspiracy.

SP (Rural) Ravjot Kaur Grewal said a case has been registered and efforts were on to arrest the suspects.