Two top software firm executives arrested for ‘fraud’

HYDERABAD: In what is perceived a morale-boosting act for software company managements worried of ‘sabotage by employees’, the police arrested two top executives of a Hyderabad-based IT company on charges of criminal breach of trust on Friday.

Debender Kumar Mistry, 38, and Soma Srikanth, 39, were working as business head and technical head, respectively, of a private company with Rs. 27 crore annual turnover, providing back-end services to cellular phone service operators. The company management approached the Cyber Crime police station of the Crime Investigation Department recently alleging that actions of the two employees resulted in lakhs of rupees damage to it.

According to the complaint, the duo formed a new company, Eureka IT Solutions, while working with the parent company.

They were recently sent abroad to exhibit the company’s products at an IT expo. There, they managed to strike a deal with a world-renowned cellular service company to supply a File Transfer Application Management, a software product of their parent company, CID S.P., B. Sumathi, said.

The duo made money through this contract. Based on a complaint from their employers, the Cyber Crime police station officials registered a case under Section 66 (computer related offences) read with 43 (penalty and compensation for damage to computer, computer system, etc) of IT (Amendment) Act-2008. Section 408 (criminal breach of trust) of the IPC and Section 53-B of Copyright Act were also invoked.

Misuse of facility

Ms. Sumathi said investigation revealed that the accused had used official e-mail IDs of the parent company to send e-mails to the cellular service providing company to which they sold the FTAP software.


One thought on “Two top software firm executives arrested for ‘fraud’

  1. Pingback: DEEP DIVE: HTC HD2 Software [Part 1] | Cell Phone Choice

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