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Federal authorities in Minnesota have charged the former president of a software development company with defrauding investors and financial institutions of more than $10 million.
Aditya Raj Sharma, 50, was indicted this week in U.S. District Court in Minneapolis on four counts of wire fraud and two counts of bank fraud in connection with financial fraud that occurred between 2017 and 2019. Crosscode went bankrupt in 2020.
Mr. Sharma appeared in court on Thursday, posted a personal recognizance bond and is scheduled to reappear in court on February 23, but his lawyer on Friday declined to comment on the charges.
According to court records:
Sharma was the 2015 founder of Crosscode, a one-person cloud-based software development company headquartered initially in Maple Grove and later in Foster City, California.
From 2017 to at least 2019, Mr. Sharma misrepresented financial records in order to induce private investors and financial institutions to raise capital in order to avoid or delay financial distress for his business, leaving the business with zero income and cash on hand and mired in debt. Became.
Sharma fraudulently applied for hundreds of thousands of dollars in funds from multiple lenders and financial companies.
In total, he convinced at least one financial institution to provide a $950,000 line of credit and induced at least 150 investors, including Minnesotans, to provide approximately $9.25 million to Crosscode. .
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