3i Infotech fraud case: EOW calls it civil in 2026

What the Navi Mumbai EOW decided

Navi Mumbai Police have concluded that the criminal complaint filed by 3i Infotech Ltd alleging a large-scale corporate financial fraud is civil in nature. The Economic Offence Wing (EOW), Navi Mumbai Police Commissionerate, informed the company on August 13, 2026 that its preliminary inquiry did not warrant a criminal investigation at this stage. In a separate exchange intimation dated August 18, 2026, eMudhra Ltd said the police took the same view and treated the issues raised as fit for civil legal remedies. The EOW has formally closed the criminal complaint.

The complaint and the entities involved

The complaint was filed by 3i Infotech with the EOW on February 3, 2026. It relates to the disinvestment of 3i Consumer Services Limited, which was subsequently renamed eMudhra Limited. 3i Infotech alleged offences including financial fraud, criminal breach of trust, cheating, and criminal conspiracy. The company also alleged wrongful redemption of preference shares connected to the transaction.

What 3i Infotech alleged and the amount involved

As disclosed by 3i Infotech, the complaint alleged corporate financial fraud exceeding ₹128 crore. The alleged activities were described as spanning from December 2010 to January 2021. The company also said it was preparing to file a complaint with SEBI.

eMudhra’s position as disclosed

eMudhra stated that the EOW’s preliminary inquiry concluded the matter is not criminal in nature. The police noted that the issues could be addressed as a civil dispute through appropriate legal channels. Separately, eMudhra has denied allegations, describing them as baseless, motivated, and time-barred.

Individuals named in the complaint

The complaint referenced two individuals as key persons implicated: Mr. Venkatraman Srinivasan and Mr. Ravi Jagannathan. The allegations, as described, relate to the disinvestment of the subsidiary and preference share redemption actions during the period cited.

Exchange disclosures and regulatory references

3i Infotech disclosed the filing and related developments under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The matter has also been discussed in the context of past corporate actions, including an earlier disclosure dated November 12, 2025 in which the Board of Directors accepted recommendations from a High Powered Committee. eMudhra’s August 18, 2026 intimation to the exchanges was also filed under Regulation 30.

Capital NxT LLP stake crosses 9%

Alongside the legal development, 3i Infotech also saw a material shareholding change disclosed to the exchanges. Capital NxT LLP, along with its designated Persons Acting in Concert (PACs), crossed the 9% shareholding threshold through an open-market purchase of 601,008 equity shares on August 10, 2026. The transaction lifted the group’s aggregate holding to 9.17% of total voting capital, triggering a disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

What the shareholding numbers show

The additional 601,008 shares represent 0.29% of the total voting capital, as per the disclosure. Post-acquisition, Capital NxT LLP and PACs held 19,019,151 shares in aggregate. The disclosure was filed with both BSE Limited and the National Stock Exchange of India Limited on August 12, 2026.

Key facts at a glance

Shareholding disclosure summary

Market and governance significance

The EOW’s decision to close the complaint as a civil dispute changes the immediate trajectory of the matter from criminal proceedings to civil legal channels, based on the police’s preliminary view. For investors, the key regulatory developments are the exchange disclosures under SEBI’s LODR framework and the separate takeover-code disclosure linked to the 9% threshold crossing. The episode also highlights how legacy transactions, such as the disinvestment of a subsidiary later listed as a separate entity, can resurface through legal and regulatory processes years later.

Conclusion

The Navi Mumbai EOW has closed 3i Infotech’s criminal complaint against eMudhra, stating the dispute is civil in nature and does not warrant criminal prosecution at this stage. Separately, Capital NxT LLP and its PACs have reported crossing 9% in 3i Infotech after an open-market purchase, triggering mandatory disclosures. The next steps, as already indicated in disclosures, include pursuing civil remedies and 3i Infotech’s stated plan to prepare a complaint for submission to SEBI.