Pune: IT Recruitment Firm CEO Booked In ₹2.62 Crore Investment Fraud Case

A case of alleged investment fraud involving more than ₹2.62 crore has been registered against the CEO of an IT recruitment and skill development company for allegedly luring investors with promises of high returns and business growth.

The accused has been identified as Kartik Kamal Sharma, a resident of Kandivali East, Mumbai. The case has been registered at the Airport Police Station under charges of cheating, criminal breach of trust, and provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act.

According to police, a 63-year-old senior citizen from Dhankawadi lodged a complaint alleging that Sharma persuaded three investors to invest in his company, Techroot 3 Consultancy Services, by promising returns ranging from 10% to 25%. He also allegedly claimed that the company’s annual turnover would soon reach ₹20 crore, making the investment highly profitable.

The alleged fraud took place between May and August 2023 in the Viman Nagar area of Pune.

Police said Sharma introduced himself as the CEO of an IT services company engaged in employee recruitment and skill development for IT firms. Using the prospect of attractive returns and future business expansion, he allegedly convinced the complainant and other investors to invest substantial amounts.

However, the promised returns were not delivered, and the investors allegedly suffered losses amounting to ₹2,62,93,537.

Based on the complaint, Airport Police have registered a case under the relevant sections of law.

Police Inspector (Crime) Mahesh Bolake said the case has been transferred from the Economic Offences Wing. Police are investigating the exact modus operandi of the alleged cheating.