NEW DELHI: Two sibling entrepreneurs who founded a health care app were arrested for allegedly duping their business partner of around Rs 16 crore, police said on Friday.
The accused have been identified as Cherian (35), a resident of Delhi, and his sister Meenakshi Singh (36) of Bengaluru, they said.
Cherian completed his MBBS from the All India Institute of Medical Sciences (AIIMS), Delhi, while Singh holds an MBA degree from IIM. They were arrested from Dindigul, Tamil Nadu, Special Commissioner of Police (Crime) Ravinder Singh Yadav said.
“It is a case of cheating, criminal breach of trust and forgery as Dr Gandharv Goyal on the basis of forged documents re-purchased the shares of Dr Gandharv Goyal for a meagre amount of Rs 900/- only,” said Special Commissioner of Police (crime) Ravinder Singh Yadav.
The approximately same percentage of shares were issued to fresh investors for a total consideration amount of Rs 16 crores approximately, said the officer. The siblings, along with friend and partner Dr Gandharv Goyal, started a health care app structured on artificial intelligence (AI), a senior police officer said. However, when investments started to pour in, the duo ousted Goyal using forged documents, the officer said.
A case has been registered following a complaint by Goyal. Goyal and Cherian were promoters in Synapsica Technologies Pvt Ltd where they served as directors. Singh joined the company with a view to developing software capable of reporting CT scans, X-Ray and MRIs without a radiologist. She also became a director and shareholder, the officer said.
In December 2019, the company was selected by Y-Combinator (the world’s biggest technology start-up accelerator) and raised about Rs 5 crore from investors, the officer added. The trio also incorporated a company Synapsica Healthcare Inc in the United States to expand the business there. A subsidiary, Synapsica Healthcare Pvt Ltd, was incorporated in India, the police said.
Investigations revealed that the duo hatched a criminal conspiracy and floated a company in the US to attract more investors in Synapsica Healthcare Pvt Ltd and re-purchased Goyal’s share in the US-incorporated parent company by allegedly forging his signature, said the police officer.
Duo started health app
Cherian completed his MBBS from the All India Institute of Medical Sciences, while Singh holds an MBA degree from IIM. The siblings, along with friend and partner Dr Gandharv Goyal, started a health care app structured on AI