Arkade Developers Limited Investigates Fraud Involving Former Chief Sales Officer; ₹2 Crore Gain Alleged
Arkade Developers Limited has confirmed an internal investigation into misconduct involving its former Chief Sales Officer, Mrs. Amita Singh. The allegations concern serious irregularities related to customer transactions and agreements, leading the company to register a First Information Report (FIR) against her.The company stated that the misconduct involves multiple acts, including the alleged diversion of customer transactions through certain brokerage entities. Furthermore, the allegations include wrongful financial gain derived from both brokerage and vendor-related transactions. Another finding relates to the preparation and registration of agreements bearing forged signatures of a Director of the Company concerning additional car parking transactions.
The FIR has been registered against Mrs. Singh under Sections 318(3), 336(3), 338, 3 40 and 3(5) of the Bharatiya Nyaya Sanhita, 2023. The relevant police authority in Mumbai is currently investigating the matter, and Arkade Developers Limited confirmed that it is providing all necessary records and documentation to aid the investigation process.
In response to the findings, the company terminated Mrs. Singh’s services effective June 17, 2026. Concurrently, Arkade Developers Limited strengthened its internal controls, compliance mechanisms, and approval processes across the organization.
Based on currently available information, the Company projects that there will be no material adverse impact on its ongoing business operations, financial position, customer commitments, or active projects arising from this matter.
The allegations reportedly refer to a wrongful financial gain amounting to approximately ₹2 crore. The findings and quantification of this amount are subject to further investigation by competent authorities.
| Particulars | Details |
|---|---|
| Nature of Fraud/Default | Alleged diversion of customer transactions, wrongful procurement of brokerage, alleged forgery of registered agreements regarding additional car parking spaces, and misuse of official position. |
| Person Involved | Mrs. Amita Singh, former Chief Sales Officer. |
| Estimated Amount Involved | Approximately ₹2 crore, subject to investigation. |
| Regulatory Action | FIR has been registered with Samata Nagar Police Station in Mumbai. |
| Operational Status | The Company has terminated the employee's services and strengthened internal controls. |
ARKADE Stock Price Movement
Arkade Developers Limited shares today slipped by 0.81% to settle at ₹132.65, closing below its opening price after trading throughout the day. The stock saw a total volume of 261,423 shares during the session, having traded within a range defined by a low of ₹132.34 and a high of ₹135.76.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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