Ex-colleague dupes techie of Rs 14 lakh

Lures techie to invest in start-up of a company by promising a position on the board of directors and a salary of Rs 45 lakh a year; refuses to oblige later

For a city techie, the thrill of being included on the board of directors of a company not only resulted in loss of his good-paying job but also his hard earned money.

Avinash B (39), who worked as a manager with a software giant, was allegedly duped by his ex-colleague Sanjay Kamath.u00a0

Avinash was lured by Kamath into investing Rs 14 lakh in the start-up of a company. Kamath promised him a position on the board of directors and a salary of Rs 45 lakh a year. Pleased with the offer, Avinash invested the money and joined the company after seven months.

Kamath started the company with a capital of Rs 49 lakh and sold it for Rs 17 crore a year later. However, he neither paid Avinash the promised salary nor did he return his money. Whenever Avinash asked him to return the money, he allegedly threatened him of dire consequences. In a complaint to the Koramangala police, Avinash alleged that Kamath insisted that he return the shares of the company and refused to pay his dues.

But when this reporter spoke to him, he said, "We are working on a negotiation and I don't want to comment anything right now." In the meantime, Koramangala police have summoned Kamath to inquest. "We are investigating the case and will take appropriate action against the culpable," the investigating officer said.