Ludhiana: Two Gujarat-based financiers have been charged with defrauding an ethical hacker and cybersecurity entrepreneur of ₹38 crore in a loan dispute involving pledged company shares. The case has drawn attention due to the victim's profile as a former Forbes 30 Under 30 Asia honouree and founder of a global cybersecurity firm.
Arrest and Bail
City's cybercrime officials arrested one suspect, but have since released him on bail. Police are also seeking his accomplice following a complaint from the city-born digital prodigy. Police Commissioner Swapan Sharma confirmed the details, stating that the dispute arose after the entrepreneur sought a one-day bridge loan to fund international office expansion. He reportedly pledged shares of his company as collateral for the ₹38-crore advance.
Loan Repayment Dispute
Sharma explained: "The entrepreneur repaid the loan by transferring the funds into bank accounts the accused had designated, but when he requested the release of his shares, the lenders claimed to have never received the money and asserted the accounts used were fraudulent." Following an investigation into the conflicting claims, police filed a first-information report (FIR) against the directors of the non-banking financial company.
Legal Proceedings
Recent court filings indicate both parties have since submitted affidavits to the police seeking a compromise to resolve the matter out of court. The case highlights the risks involved in high-value loan transactions, even among experienced business professionals. The victim, known for his expertise in cybersecurity, was allegedly duped by the financiers who exploited the loan agreement.
Police continue to investigate the fraudulent accounts and the whereabouts of the second suspect. The entrepreneur's company, a prominent player in the cybersecurity industry, has not commented on the ongoing legal proceedings. The incident serves as a cautionary tale for business owners dealing with unregulated lenders.
