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IITian steals Rs 420 crore
By: Tupaki Desk | 9 Oct 2015 12:40 PM GMT
Could you believe an IITian (IIT-Delhi) and Harvard Business School-educated has stolen a whooping $65 million (Rs 420 crore) from the US company where he worked as an employee for many years.
Iftikar Ahmed, a venture capitalist, fled from US in May 2015 violating the court's order in the criminal case regarding insider Trading. The 43-Year-Old cheated his clients millions of dollars through insider trading.
Mr.Ahmed was arrested in April 2015 and criminal cases have been filed against him for indulging in insider trading in shares of Cooper Tire & Rubber ahead of Apollo Tyres 2013 bid to buy the US Company. The US Securities and Exchange Commission (SEC) then charged him for transferring $27.5 million to himself incurring huge losses to the investors in funds run by Oak Investment Partners (for which he was a General Partner).
Iftikar Ahmed might face 20 years jail and $5 million fine. He is believed to be hiding in some part of India right now.
Iftikar Ahmed, a venture capitalist, fled from US in May 2015 violating the court's order in the criminal case regarding insider Trading. The 43-Year-Old cheated his clients millions of dollars through insider trading.
Mr.Ahmed was arrested in April 2015 and criminal cases have been filed against him for indulging in insider trading in shares of Cooper Tire & Rubber ahead of Apollo Tyres 2013 bid to buy the US Company. The US Securities and Exchange Commission (SEC) then charged him for transferring $27.5 million to himself incurring huge losses to the investors in funds run by Oak Investment Partners (for which he was a General Partner).
Iftikar Ahmed might face 20 years jail and $5 million fine. He is believed to be hiding in some part of India right now.
