Udupi: A 35-year-old entrepreneur from Shivalli village in Udupi has filed a complaint alleging that he was cheated of Rs 33 crore by a Singapore-based company and its officials.According to the complaint, the owner of a company in Laxmindra Nagar was contacted by the CEO of a Singapore-based company expressing interest in acquiring a CMS product developed by his company. Following discussions over the phone and email, the accused agreed on Oct 6, 2019, to pay Rs 35 lakh in cash and offer 17.5 lakh shares in their company. The accused claimed that the shares would be worth Rs 33 crore after three years and that the company’s valuation would reach Rs 9,000 crore. An agreement was subsequently executed on April 5, 2020, incorporating these terms and stating that the company had 35 million shares, which the complainant later alleged to be false. Based on the agreement, the complainant provided the product and began working for the company. However, after the agreement period ended on April 6, 2023, he sought a valuation report as per the terms. In subsequent communications, including an email dated Oct 6, 2024, the accused reportedly reaffirmed the agreement. The complainant further alleged that through intermediaries, the accused later promised Rs 6.9 crore in cash and 20 lakh shares, but failed to honour the commitment. The complainant has accused the CEO, CTO, director and a board member of acting with common intent to deceive him and deny payment. A case has been registered at Manipal police station.
