Former venture capitalist Iftikar Ahmed is believed to be hiding, somewhere in India after siphoning $65 million from the US Oak Investment Partners firm, where he was employed for last over 10 years. Mr Ahmed, 43, a former general partner at Oak Investment Partners, one of the oldest venture-capital firms in the US, has been accused of insider trading and cheating his clients out of millions of dollars.
The IIT-Delhi and Harvard educated, Ahmed fled the US in May 2015. A resident of Greenwich, Connecticut, Mr. Ahmed was arrested and charged in April this year along with his friend Amit Kanodia, for engaging in insider trading in shares of Cooper tire & Rubber, ahead of Apollo Tyre’s 2013 bid to buy the US firm. According to prosecutors and regulators, Mr. Ahmed used doctored deal documents, fake exchange rates and bogus invoices to steal millions of dollars into secret bank accounts. Regulators say Mr. Ahmed began to commit fraud within months of joining Oak in 2004. The US is likely to formally seek the extradition of Mr. Ahmed.
He, along with his wife owns a mansion in Greenwich, Conn., and two apartments on Park Avenue in Manhattan.
Mr. Ahmed faces a maximum 20 years in prison plus a $5 million fine in the criminal case.