Karnataka HC Rejects Razorpay Cofounders’ Plea To Quash SFIO Case

by · Inc42

SUMMARY

  • The Karnataka High Court rejected a plea by Razorpay directors Harshil Mathur and Shashank Kumar seeking to quash criminal proceedings initiated by the SFIO
  • The court proceedings come just days after Razorpay received the final nod from SEBI for its proposed ₹5,000-6,000 Cr IPO, which is expected to value the company at around $5 Bn
  • The investigation alleges that Razorpay processed around ₹320 Cr worth of transactions for Mad Elephant Network Technology, linked to an alleged illegal digital lending operation