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Sibling entrepreneurs held for duping business partner

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.

They were arrested from Dindigul, Tamil Nadu, Special Commissioner of Police (Crime) Ravinder Singh Yadav said.

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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, the police said.

 

Goyal and Cherian were promoters in Synapsica Technologies Pvt Ltd where they also served as directors. Singh joined the company with a view to developing software capable of reporting CT Scan, X-Ray and MRI without a radiologist. She also became a director and shareholder, the officer said.

In December 2019, the company was selected in 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, the officer said.

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Later, they issued these shares to new investors in the US and India for Rs 16 crore, the police said.

All the share agreements and term sheets have been seized.

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Cherian completed his MBBS from the All India Institute of Medical Sciences (AIIMS), Delhi, while Singh holds an MBA degree from IIM.

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