Both Mankarachari and Ramehini have been arrested by the enforcement directorate. The allegation? Some form of money laundering. Now you have to ask, when you have a company that's in deep controversy, why would anyone invest in it? Just look at the shareholding pattern. In June 2018, retail folks who are invested less than 1 lakh rupees owned 5% of the company. But by June 2020, they owned almost 33%. They were being suckered into buying more of the company and they continued to hold on.
In today's episode for 8th April 2023, we dive into how a company that was once the next big thing lost the plot. The arrest of two of its co-founders isn’t a good look, no?