Daijiworld Media Network - Udupi
Udupi, Apr 18: A 35-year-old entrepreneur from Manipal has filed a complaint alleging a major financial fraud involving a Singapore-based company, leading to the registration of a case at Manipal police station.
According to the complaint filed by Dilip R Adiga, owner of a firm located in Lakshmindra Nagar, Manipal, he stated that he was contacted by Anand Rao, CEO of Infomo Global Pvt Ltd, Singapore, who expressed interest in acquiring a CMS product developed by Adiga’s company.
Following telephonic discussions and review of the valuation details sent via email, Anand Rao allegedly offered Rs 35 lac in cash along with 17.5 lac shares of Infomo Global Pvt Ltd. He reportedly claimed that the value of these shares would rise to Rs 33 crore within three years, and that the company itself would reach a valuation of Rs 9,000 crore.
Based on these assurances, an agreement was executed on April 5, 2020. The agreement also allegedly included false information stating that the company had 35 million shares at the time. Both Adiga and Anand Rao signed the agreement.
After the agreement, Adiga delivered the CMS product to the Singapore firm and began working for them as per the terms. The three-year agreement concluded on April 6, 2023. Adiga later requested a valuation report via email as per the agreement.
It is further alleged that on October 6, 2024, Anand Rao confirmed the agreement details through an email to a shareholder named Shyamdeep. Additionally, through a phone call arranged via Veerappan Subrahmanya, Rao reportedly assured payment of Rs 6.9 crore in cash and 20 lac shares of Infomo.
However, Adiga claims that despite repeated assurances, the company failed to pay the promised Rs 33 crore, thereby cheating him.
The complaint names several individuals, including CEO Anand Rao, chairman Peter Japri Germaine, CTO Raghavendra Agarwal, director Smita Sahu, and board member Asutosh Srivastava, accusing them of acting with common intention to deceive.
Based on the complaint, Manipal police have registered a case and further investigation is under way.