Former venture capitalist Iftikar Ahmed is believed to be hiding in India after stealing $65 million (or Rs. 420 crore) from the US firm where he was employed for many years, according to a report in Wall Street Journal.
The IIT-Delhi and Harvard Business School-educated Mr Ahmed fled from the US some time before May 2015 in violation of a judge's order in the criminal insider trading case, according to the US Securities and Exchange Commission (SEC).
43-year-old Mr Ahmed, a former general partner at Oak Investment Partners, has been accused of insider trading and of cheating his clients out of tens of millions of dollars.
A resident of Greenwich, Connecticut, Mr Ahmed was arrested and criminally charged in April along with his longtime friend Amit Kanodia for engaging in insider trading in shares of Cooper Tire & Rubber ahead of Apollo Tyres' 2013 bid to buy the US firm.
The SEC later charged Mr Ahmed for allegedly transferring $27.5 million to himself at the expense of investors in funds run by Oak Investment Partners.
The SEC said Mr Ahmed induced his Greenwich, Connecticut-based firm into overpaying for investments in two Asian e-commerce companies, and pocketed $20 million for himself.
It also said Mr Ahmed induced Oak to pay I-Cubed Domains LLC $7.5 million for its stake in a US e-commerce company without revealing that he and his wife controlled I-Cubed, which had paid just $2 million for that same stake.
He faces a maximum 20 years in prison plus a $5 million fine in the criminal case.
Article published on ndtv
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