Mumbai, Aug 29 (IANS): 4B Networks Pvt Ltd executives Rahul B. Yadav and Sanjay S. Saini, the accused in the fraud case involving Interspace Communication Pvt Ltd, have moved court seeking anticipatory bail, days after a Look Out Circular was issued against them, official sources said here on Tuesday.

The two accused – booked by the Mumbai Police's Economic Offences Wing on August 19 in the Rs 10-crore cheating case alleged by Interspace Communications’ co-founder Vikas Omprakash Nowal – moved the Mumbai Sessions Court for the pre-arrest bail.

The hearing is scheduled to be held soon, which the police plan to oppose their plea, said the sources.

Nowal had said that Yadav and Saini had hired his firm to install some 80 publicity hoardings in Pune between February-September 2022, for which 4B Networks made a partial payment for the services rendered, to earn their confidence.

With an outstanding of more than Rs 7 crore plus interest since 10 years, the unpaid amount has piled up to around Rs 10 crore now, said Nowal in his police plea.

Following the default of the payments for over 10 years, Nowal filed the EOW complaint and the police raided the homes and offices of the 4B Networks executives as they are also suspected to be involved in money-laundering rackets.

The Yadav-Saini duo had reportedly taken the monies from their shareholders but failed to make the payments due to Interspace Communication Pvt Ltd, which executed their advertising and publicity campaign.