Bengaluru: Laptech Traders FZ, a Dubai-based company, has reported a ₹1.45 crore fraud to the Central Crime Branch (CCB) police, alleging deceit by Kiran Seltone, the owner of the Kerala-based Cyberonic company.
The fraud unfolded when Kiran Seltone, through Dubai-based Maxclove Technologies LLC, obtained five purchase orders from Laptech Traders FZ. The company sent goods worth ₹1.45 crore, but the payment cheque bounced. Subsequent attempts to contact Seltone revealed that his phone was switched off, and the goods were later found to be missing from Maxclove Technologies LLC’s Dubai warehouse.
The CCB has registered the case and is investigating the incident. This case underscores the growing issue of cross-border financial fraud and the difficulties businesses face in safeguarding against such scams.