Mooofarm’s troubles started when they filed a police complaint against its former finance head Vineet Bhati for allegedly embezzling INR 10 Cr for personal gains.
The complaint backfired as Vineet Bhati disputed the Mooofarm management’s claims and alleged that the founders including then CEO Param Singh were also complicit in the siphoning of funds.
Now more than six months later, many of these claims have been questioned by several former Mooofarm employees, which has further complicated the issue.
Param Singh has been replaced as CEO by cofounder Abhijeet Mittal in what many employees are calling a response by investors to the corporate governance mess at Mooofarm.
Former Mooofarm employees refute Bhati's claim of ignorance about embezzlement, pointing to deeper issues, including its cattle marketplace business model.
Employees accuse Mooofarm of gross revenue misreporting through tactics like inventory rotation and fake vendors, leading to embezzlement allegations.
Moreover, former employees complained that Moofarm has not paid them since Aug’23, and are unwilling to even acknowledge the problems of those with emergencies.
People who are closer to founders are the only ones getting paid. Employees also claim that Moofarm has not submitted the PF and tax deducted at source.
Read more about the troubled Accel-backed startup, Mooofarm, here: