Stayzilla Founder Arrested On Charges Of Fraud; Co-Founder Gets Threats To Child’s Life :- Yogendra Vasupal, co-founder of Stayzilla was arrested in Chennai on Tuesday in the cheating case.
Yogendra cheated ad agency Jigsaw to the tune of Rs 1.72 crore.
Today he will be sent to jail. Stayzilla was shut down in February 2017 after starting operations 11 years ago.
Co-founder Sachit to investors said that- “Yogi is missing and he was last seen at the office of Police commissioner in Chennai. We need immediate help. We don’t know where he is for last 3 hours. And, I think even I’ll be in custody soon.”
Vasupal’s wife, Rupal has mentioned the report of his arrest.
She said- “Yogendra has currently been remanded in Police custody without any confession.”
“He was taken to the magistrate at night though courts do not function after 6 pm. His whereabouts from when the cops took him into custody today were not known and our family had to go from one station to other looking for him. This shows how money can supersede true and thorough investigation in a country which talks so much about the culture.
In a report, Vasupal had mentioned the issues he faced with the landlord in whose premises Stayzilla had an office.
Vasupal also mentioned that the company was enrolled in two cases:
“The first case is a politician who was our landlord. We have video as well as audio proof of an assault and then a verbal threat to kill.”
“The second case is against us from the agency with whom the company had a dispute and to whom we had asked to take it up in court.”
Vasupal said- “I want to announce that we will be bringing to halt the operations of Stayzilla and looking to reboot with a unique business model, this has been one of the toughest decisions.”
The company’s recent investor is Indian Angel Network, who had provided the company with money to rise up. Till now, the company has raised about $34 million.