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Today: Jun 14, 2024

Minnesota software developer cheats investors, banks out of $10M – indicted

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Federal officials in Minnesota have charged software developer Aditya Raj Sharma with defrauding investors and financial institutions out of more than $10 million. Sharma is the onetime head of software development company Crosscode Inc., which filed for bankruptcy in 2020. According to court records, Sharma inflated financial records to induce private investors and financial entities to extend capital to his struggling business, and fraudulently applied for funding from multiple lenders and finance companies. He persuaded at least one financial institution to provide a $950,000 line of credit and convinced at least 150 investors to provide roughly $9.25 million to Crosscode. Sharma has been indicted on four counts of wire fraud and two counts of bank fraud.