In a significant development shaking the Indian music industry, the Economic Offences Wing (EOW) of the Mumbai Police has named several high-ranking officials from Believe Music India and its foreign parent company in a major royalty fraud case. The alleged scam, involving a staggering sum of approximately ₹50 crore, centers on the fraudulent collection of royalties meant for artists and producers.
The Core of the Allegations: A Systematic Royalty Diversion
The First Information Report (FIR), registered on April 30, 2024, outlines a complex scheme. The complaint was filed by Gurpreet Singh Saini, the director of Pan India Network, which owns the music label Ishqam. The allegations state that between 2021 and 2023, officials from Believe Music India conspired to divert royalties generated from Ishqam's music catalog on digital streaming platforms (DSPs) like JioSaavn, Spotify, and YouTube.
Instead of the rightful earnings being transferred to Ishqam, the funds were allegedly funneled into the accounts of Believe Music India's parent company in France. The FIR specifically accuses the involved individuals of cheating, criminal breach of trust, and criminal conspiracy under relevant sections of the Indian Penal Code.
Key Individuals Named in the FIR
The police document names multiple executives, indicating the alleged involvement was not limited to junior staff. From the Indian entity, Ankit Wadhwa (Chief Operating Officer) and Vivek Raina (Head of Artist and Label Partnerships) have been implicated. Furthermore, the net has been cast wider to include foreign executives: Denis Ladegaillerie (Founder and CEO of Believe Global) and Jyotsna Alwani (Vice President of Business Development for South Asia at Believe).
The complaint suggests that Wadhwa and Raina played direct roles in the operational execution of the scheme within India, while the involvement of global senior leadership points to a potentially broader awareness or direction of the alleged fraud.
Investigation Status and Industry Impact
The Mumbai Police EOW has initiated a thorough investigation into the matter. Investigators are currently scrutinizing financial records, email communications, and contracts between Believe Music India and Ishqam to establish the money trail and the extent of the conspiracy. The scale of the alleged fraud—₹50 crore—highlights a severe breach of trust in the digital music ecosystem, where accurate royalty distribution is the cornerstone of artist and label relationships.
This case has sent shockwaves through the music business, raising serious questions about transparency and accountability in royalty management by large digital distributors. Many independent labels and artists rely on companies like Believe to ensure fair payment from streaming services. An incident of this magnitude could lead to increased scrutiny, stricter audits, and potentially new regulatory frameworks for the industry.
Believe's Stance and the Road Ahead
While the police probe is active, Believe Music has not issued an extensive public statement addressing the specific charges against its named officials. The industry is keenly watching for the company's official response and any internal actions it might take. The legal proceedings will likely be protracted, involving forensic audits and possibly cross-border legal coordination given the international dimension of the accused company.
The outcome of this case is poised to set a critical precedent for how financial disputes and alleged frauds within the music streaming supply chain are handled in India. It underscores the vulnerability of creative content owners in a digital-first economy and the imperative for robust, transparent accounting systems.
