A major financial fraud case involving a Singapore-based company has surfaced in Karnataka’s Udupi district, where a 35-year-old entrepreneur from Manipal has alleged cheating to the tune of nearly ₹33 crore. Following the complaint, Manipal police have registered a case and launched a detailed investigation into the matter involving multiple senior executives of the foreign firm.
The complainant, identified as Dilip R Adiga, owner of a software firm based in Lakshmindra Nagar, Manipal, stated that he was approached by Anand Rao, CEO of Infomo Global Pvt Ltd, Singapore. The company allegedly expressed interest in acquiring a CMS (Content Management System) product developed by Adiga’s firm.
According to the complaint, initial discussions took place over phone calls and emails, during which valuation details of the product were shared. Anand Rao allegedly offered ₹35 lakh in cash along with 17.5 lakh shares of the Singapore-based company. He further claimed that the value of these shares would rise significantly and could reach around ₹33 crore within three years, while the company itself was projected to touch a valuation of nearly ₹9,000 crore.
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Agreement Signed, Deliverables Given
Based on these assurances, an agreement was signed on April 5, 2020 between both parties. The complainant alleged that the agreement also contained misleading information, including claims that the company had 35 million shares at the time. Following the agreement, Adiga delivered the CMS product and also began working with the firm as per contractual terms.
The agreement period concluded on April 6, 2023. However, the complainant stated that despite completion of the contract, the promised payments and shares were not delivered. He later requested a formal valuation report as per the agreement, but allegedly received no satisfactory response.
Follow‑Up Promises That Never Materialised
The complaint further states that in October 2024, Anand Rao sent an email confirming certain agreement-related details to a shareholder named Shyamdeep. In addition, through a phone conversation arranged via another intermediary, Rao allegedly assured payment of ₹6.9 crore in cash and additional shares, which also did not materialize.
Adiga has alleged that the entire arrangement was part of a planned deception. He claims that he was induced into handing over his software product and services based on false promises of high-value returns. The complaint names several individuals, including CEO Anand Rao, chairman Peter Japri Germaine, CTO Raghavendra Agarwal, director Smita Sahu, and board member Asutosh Srivastava, alleging that they acted in coordination with a common intention to defraud him.
Cross‑Border Fraud Probe Underway
Police officials in Manipal confirmed that a case has been registered based on the complaint and preliminary documentation submitted by the complainant. Investigation has begun to verify financial transactions, agreements, and communications between the parties.
Sources indicate that investigators are also examining the flow of digital communications and email exchanges to establish the authenticity of the claims made by both sides. The case is being treated as a complex financial fraud involving cross-border transactions and corporate valuation disputes.
Officials stated that the allegations include elements of misrepresentation, breach of trust, and financial cheating. The involvement of multiple senior executives has widened the scope of the investigation, which may also include scrutiny of company records and shareholding structures.
Legal experts note that cases involving foreign companies and projected valuations often lead to disputes when contractual obligations are not fulfilled as promised. However, they also stress that if deliberate misrepresentation is proven, it may attract serious criminal liability under applicable fraud and cheating provisions.
The complainant has alleged that he suffered significant financial and professional losses due to the deal, which was based on assurances of high future returns and equity participation. He has urged authorities to ensure a thorough investigation and recovery of dues.
Police have not ruled out the possibility of additional questioning of individuals named in the complaint, including those based outside India. Further investigation is underway to determine whether similar complaints exist against the same company or individuals in other jurisdictions.
As the probe continues, authorities are also examining whether the transaction was purely a business dispute or part of a larger pattern of financial misrepresentation involving multiple stakeholders.
