Former venture capitalist Iftikar Ahmed is believed to be hiding in India after stealing $65 million from the US firm where he was employed for years. Mr Ahmed, 43, a former general partner at Oak Investment Partners has been accused of insider trading and cheating his clients out of tens of millions of dollars.
A resident of Greenwich, Connecticut, Ahmed was arrested and charged in April 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. The SEC later charged Ahmed for siphoning $27.5 million from Oak Investment Partners’ investors.
Reports say the IIT-Delhi and Harvard educated Ahmed fled from the US before May 2015 in violation of a judge’s order in the criminal insider trading case.
Mr Ahmed faces a maximum 20 years in prison plus a $5 million fine in the criminal case.