[Official Statement] ShopClues Founder Sandeep Agarwal 'released on bond'

ShopClues has released a public statement regarding the arrest of it's founder Sandeep Agarwal, by the FBI, saying that he was briefly taken into custody and subsequently released on bond. The release categorically states that -

The charges contained in the complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty. Sandeep Aggarwal is fully cooperating with the investigating agencies and has complete faith in the US judicial system. The entire staff and management of ShopClues is behind Sandeep at this juncture. The case relates to events that occurred prior to ShopClues inception, and therefore does not involve the business of ShopClues.

ShopClues’ co-founder Sanjay Sethi, further added -

ShopClues is a company led by strong management team and sound business fundamentals. We shall continue to provide best-in-class service to our customers, merchants and all stakeholders. ShopClues continues to register robust growth and the company is processing close to 10,000 orders daily or approx run-rate of 3.5 million order per annum. The number of products sold at ShopClues increased to 1.8 Million SKUs with total listed Merchandize value of more than Rs. 4500 Cr making ShopClues amongst the leading and most diversified ecommerce companies in India. We have nothing more to state at this juncture since the matter is sub-judice.

It was also stated that the investigation was regarding Sandeep's alleged involvement in inside trading from his previous stint as an analyst with Collins Stewart.

Read the complete press release here.