Mumbai: A high-profile financial fraud case involving a loss of ₹30 crore has come to light after Rahul Ramkishan Sharma (43), a resident of Malabar Hill, lodged a complaint with the MRA Marg Police. The case has now been transferred to the Economic Offences Wing (EOW) for further investigation.
According to the FIR, the accused have been identified as Mahendra Kumar alias Karnam Mahendra Maheshwar, Deepa Pandita, K.N. Manjunatha alias Kuduvalli Nageshwar Rao Manjunatha Pandita, and Varaprasad Rangola.
The complainant alleged that Mahendra Kumar, acting as a promoter and director of M/s Kalatronics Semiconductors Pvt. Ltd., along with the other accused, misled him by giving false information about their company’s semiconductor design business. They allegedly lured the complainant to invest by claiming that the semiconductor business was expanding rapidly,the company was eligible for government schemes and tax benefits, and Substantial foreign investments were expected in Kalatronics Semiconductors Pvt. Ltd.
Based on these representations, Sharma invested ₹30 crore. However, instead of investing the funds into the semiconductor business, the accused allegedly diverted the money for personal gain. It is alleged that the amount was fixed in deposits, loans were raised against it through overdrafts, and the funds were misappropriated.
The fraud reportedly took place at Storm Soft Technologies Pvt. Ltd., 6th Feltham House, 2nd Floor, Ballard Estate. Police have registered a case under relevant sections of cheating and criminal breach of trust. The EOW has now taken over the probe, and further investigation is underway to trace the money trail and establish the role of each accused.
