Note: Please don't make accusations of fraud against specific individuals or companies in the comments to this post. We've moderated one comment and will have to moderate if they are flagged and make specific accusations. We can't take on the liability of your comments. No issues with generic statements and comments. Update: OnMobile has issued a statement denying media reports pointing towards the company's CEO Arvind Rao being involved in misappropriation of funds and an enquiry being conducte by an external auditor for it. Here's the statement: "A number of news items appearing in the press have reported that the board of directors of OnMobile Global Limited has ordered a probe against the company's promoter and CEO Arvind Rao for alleged misappropriation of funds for which an external auditor has been appointed to establish the charges against Arvind Rao which include diversion of company funds to another entity promoted by him and also that the Company has terminated the employment of Sandhya Gupta, M & A head, as part of the probe. The Company denies all such rumors and allegations, which are baseless and devoid of factual accuracy. Arvind Rao is not being investigated by the Board for any misappropriation of funds. Arvind Rao is a VAS pioneer and has led OnMobile to much success over the years and enjoys a high professional reputation in the market. Arvind while continuing as Managing Director, spearheads the international business. To ensure that the rest of the business gets adequate focus the day…
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