Ethical hacker snared in share fraud; two Gujarat-based financiers booked in Ludhiana.

Ludhiana: Two Gujarat-based financiers are charged with defrauding an ethical hacker and cybersecurity entrepreneur of ₹38 crore in a loan dispute involving pledged company shares.City's cybercrime officials arrested one suspect, but have since released him on bail. Police also seek his accomplice following a complaint received from the city-born digital prodigy, who is founder of a global cybersecurity company and a former Forbes 30 Under 30 Asia honouree.Police commissioner Swapan Sharma said the dispute had arisen after the entrepreneur had 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.Sharma said: "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. Recent court filings indicate both parties have since submitted affidavits to the police seeking a compromise to resolve the matter out of court. MSID:: 130794337 413 |