ValueFirst Digital Media has filed an FIR with the Gurgaon police against sacked CEO Kumar Apoorv, his wife, and two directors of Way2Sms accusing them of fraud and criminal breach. ValueFirst had acquired Way2Sms in May 2012. According to the Times of India, Gagan Chadha, Co-Founder of Value First Digital Media, has accused Kumar Apoorv, resident of Wellington Estate in DLF-V, Gurgaon, proposed and made the board of directors of the company agree to take over another company, Way2Sms, for Rs 150 crore.

After some days, the company officials found that Kumar Apoorv was cheating the company when it found that around Rs 7 crore went into his bank account. It was seen that the two directors of way2Sms were hand in glove with Kumar Apoorv. Gagan Chadha further claimed that soon after the disclosure of cheating, Kumar Apoorv was sacked from the post of CEO on September 23, 2012 by the company's board of directors. Police also said that the accused CEO had spread false news in the business media that he had resigned from the company whereas in fact his services were terminated.

The complainant also attached with the complaint Kumar Apoorv's bank statements which show that the directors of Way2Sms have transferred Rs 7 crore in three instalments to the account of Kumar Apoorv. The company management now wants to know why their former CEO made a personal deal of the takeover deal for his personal profit, he said.

The complainant also named their former CEO's wife as a beneficiary of the cheating amount. In this entire fraud, the CEO has also been accused of making fake documents to take over Way2Sms and making his profit, said police.