Navi Mumbai police have determined that a criminal complaint filed by 3i Infotech concerning an alleged large-scale corporate financial fraud is of a civil nature. The Economic Offence Wing, Navi Mumbai Police Commissionerate, informed the company on August 13, 2026, that its preliminary inquiry concluded the matter does not warrant criminal investigation at this stage.

The police advised the company to seek redressal from the concerned department. 3i Infotech stated it is in the process of obtaining a legal opinion to evaluate and decide on the next course of action.

Case background

The company originally filed the complaint with the Additional Commissioner of Police on February 3, 2026. This action followed a board decision made after reviewing a report from a High Powered Committee comprising retired Justice Satish Chandra, former Law Secretary Dr. Reeta Vasishta, and former SEBI Executive Director B.N. Sahoo.

The complaint alleges criminal breach of trust, cheating, dishonest misappropriation, and criminal conspiracy. These charges stem from the fraudulent disinvestment of 3i Consumer Services Limited, now known as eMudhra Limited, and the wrongful redemption of preference shares issued by eMudhra.

Key allegations and parties

The estimated impact on the listed entity is more than ₹128 crore, plus interest and damages as may be determined by investigating and relevant legal authorities. The alleged misconduct occurred between December 2010 and January 2021.

Venkatraman Srinivasan, the Managing Director and Chief Executive Officer of 3i Infotech until June 30, 2012, is currently serving as Executive Chairman and Promoter of eMudhra Limited. Ravi Jagannathan, the Managing Director of eMudhra Limited until April 1, 2012, is also named in the complaint.

Regulatory disclosures

3i Infotech disclosed the filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In addition to the police complaint, the company noted it is in the process of submitting a complaint with the Securities and Exchange Board of India (SEBI).

What the numbers show

The alleged fraud involves a significant sum of more than ₹128 crore spanning over a decade from December 2010 to January 2021. The concentration of liability on specific former executives and a wholly owned subsidiary that was later disinvested suggests the financial impact is tied to historical corporate restructuring events rather than current operational activities. The classification of the matter as civil implies the recovery mechanism will likely rely on civil litigation or regulatory arbitration rather than criminal asset seizure.

Capital NxT LLP, along with its designated Persons Acting in Concert (PACs), has crossed the 9% shareholding threshold in 3i infotech through an open-market acquisition of 601,008 equity shares on August 10, 2026. The transaction pushes the group’s aggregate holding to 9.17% of the total voting capital, triggering a mandatory disclosure under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This move signals growing institutional interest in the IT services firm, potentially influencing future corporate governance dynamics as the acquirer approaches significant minority influence levels.

The disclosure was filed with both the BSE Limited and the National Stock Exchange of India Limited on August 12, 2026. Viswanadharaju Bhoopathiraju, Partner at Capital NxT LLP, signed the filing, confirming that the acquirer does not belong to the promoter or promoter group of 3i Infotech Limited. The shares were acquired via the open market, indicating a standard secondary market transaction rather than a private placement or strategic off-market deal.

Shareholding Structure Details

Prior to the acquisition on August 10, 2026, Capital NxT LLP and its PACs held 18,418,143 shares, representing 8.88% of the total voting capital and 8.66% of the diluted voting capital. The recent addition of 601,008 shares, which accounts for 0.29% of the total voting capital, has raised their post-acquisition holding to 19,019,151 shares. This new position equates to 9.17% of the total voting capital and 8.95% of the diluted voting capital.

The filing identifies Lakshmi Kaushik, Aishwarya Arvind, Mythili Srinivasan, and Venkatraman Srinivasan as the PACs associated with Capital NxT LLP for this transaction. No warrants, convertible securities, or other instruments entitling the acquirer to receive shares were involved in this specific acquisition event.

Capital Base Context

At the time of the transaction, the total equity share capital of 3i Infotech Limited stood at 207,403,767 shares. This figure remained unchanged after the acquisition, as the transaction occurred in the secondary market. The total diluted share/voting capital of the company was recorded at 212,610,630 shares. The absence of any encumbrances, pledges, liens, or non-disposal undertakings on the acquired shares indicates that the entire stake is freely tradable and fully voting.

What the Numbers Show

The acquisition brings Capital NxT LLP’s stake from 8.88% to 9.17%, a relatively modest increase of 0.29 percentage points. However, crossing the 9% mark is procedurally significant under SEBI regulations, requiring public disclosure. While the acquirer is not part of the promoter group, its growing presence suggests a sustained accumulation strategy. With nearly one-tenth of the company’s voting power now under the control of this entity and its concert parties, investors should monitor future filings for any further accumulation that could approach the 10% or 15% thresholds, which carry additional regulatory implications regarding open offer requirements.