Ishan Sharma and Kandhiban Letchumanansamy, both of Indian origin residing in Singapore, have been convicted and sentenced for their involvement in a sophisticated scam that targeted victims in the United States. The scam operated through a network of more than 50 companies, with Sharma playing a central role as the mastermind. Despite being a chartered accountant, Sharma orchestrated the scam by employing Kandhiban, who was listed as a director in these companies without being actively involved in their operations.
The scam unfolded over a period between 2019 and 2020, where Sharma used Kandhiban's name to set up firms like Quartz Resources and Kiora Worldwide. These companies were used to deceive victims into transferring substantial sums of money, totaling over USD 1 million, under false pretenses. The funds received in the bank accounts of these companies were later transferred internationally to accounts in countries such as China and the UAE.
The court proceedings revealed that Sharma had initiated these activities after connecting with individuals like Aashish Nanda and Rahul Batra, who facilitated the incorporation of the companies and managed financial transactions. Despite Kandhiban's nominal role as a director, he had no oversight or involvement in the companies' day-to-day operations or financial transactions.
Following investigations, both Sharma and Kandhiban pleaded guilty to charges under the Companies Act related to their roles in facilitating these fraudulent activities. Sharma, described as the "directing mind" behind the scam, was sentenced to four weeks in jail, while Kandhiban received a one-week jail term. Despite the sentencing, the exact amount of money scammed remains unrecovered, highlighting the challenges in tracing and recovering funds in such international financial crimes.
