Deepak Agarwal has a lot of explaining to do. Agarwal and his previous company Choxi (aka NoMoreRack) are in the middle of a legal battle which alleges major fraud and corruption. Before being given the boot, Agarwal has been alleged to have engaged in massive fraud which benefited himself and his family directly.
The Allegations
Agarwal acted as the CEO of e-retailer Choxi.com after building a name for himself in both the pornography and negative option nutraceutical industries. Agarwal and his family have been alleged to have stolen millions of dollars from investors for work which was never completed and overcharged for work which was previously completed. According to public records:
“Deepak Agarwal and Vipesh Agarwal deliberately utilized the Debtor’s relationship with Techsys to siphon funds from the Debtor. These actions resulted in the Debtor overpaying Techsys and paying for duplicative, unperformed or unneeded services that total approximately $8 million in damages to the Debtor.”
