A ₹75 crore fraud and data theft case has been registered in Mumbai after Emcure alleged breach of contract and IP theft by former stakeholders. Nearly 950 employees reportedly joined a rival firm, while confidential data was misused. The case is being probed by the Economic Offences Wing.
A major corporate fraud and data theft case has been registered in Mumbai following a complaint by a senior executive of Emcure Pharmaceuticals Limited, alleging breach of contract, intellectual property theft, and financial losses of nearly ₹75 crore.
According to FIR, Complainant Tajuddin Sabir Shaikh (51), Chief Financial Officer of Emcure, stated that he has been associated with the company since 2003 and currently oversees operations of its subsidiary Zuventus Healthcare Limited as well.
According to the FIR, Zuventus Healthcare was incorporated in 2002 with technical and business support from Emcure, followed by a Shareholders’ Agreement (SHA) that included strict non-compete and non-solicitation clauses prohibiting stakeholders from engaging in competing businesses or poaching employees.
Shaikh alleged that despite these contractual obligations, former key stakeholders including Prakash Guha, Chandrakant Shetty, Reji Varghese, Anand Shetty and others floated a rival company, Zorvia Healthcare Limited, in November 2025.
The complaint states that several senior officials and employees from Zuventus, including those from HR, marketing, IT, legal, and sales departments, resigned en masse—nearly 950 employees between October and December 2025—and joined the rival firm.
Due to the mass resignations and alleged data breach, Zuventus reportedly suffered operational disruptions and a decline in sales amounting to ₹74.96 crore between October 2025 and March 2026, along with a monthly revenue loss of ₹7–10 crore.
Based on the complaint, Bhandup Police Station has registered an FIR under relevant sections of the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, including provisions related to cheating and data theft. The case is currently being investigated by the Economic Offences Wing (EOW), officials said.
https://www.freepressjournal.in/mumbai/mumbai-emcure-pharma-files-75-crore-fraud-case-over-data-theft-mass-resignations-and-rival-firm-allegations