Udupi: A 35-year-old entrepreneur from Shivalli village has lodged a complaint accusing a Singapore-based company and its senior officials of cheating him of ₹33 crore in a business deal.

According to the complaint, the entrepreneur, who runs a company in Laxmindra Nagar, was approached by the CEO of the overseas firm with an offer to acquire a content management system (CMS) product developed by his company.

After a series of discussions over phone and email, the parties reportedly reached an agreement on October 6, 2019. Under the terms, the accused agreed to pay ₹35 lakh in cash and allot 17.5 lakh shares in their company. They allegedly claimed that the shares would be worth ₹33 crore within three years, with the company’s valuation projected to reach ₹9,000 crore.

A formal agreement was signed on April 5, 2020, incorporating these conditions and stating that the company had 35 million shares — a claim the complainant now alleges was false.

Based on the agreement, the entrepreneur handed over the product and began working with the company. However, after the agreement period ended on April 6, 2023, he sought a valuation report as stipulated in the contract. In subsequent communications, including an email dated October 6, 2024, the accused allegedly reaffirmed their commitments.

The complainant further stated that, through intermediaries, the accused later promised ₹6.9 crore in cash along with 20 lakh shares, but failed to fulfil the assurance.

He has accused the CEO, CTO, a director, and a board member of acting with common intent to deceive him and withhold payment. A case has been registered at Manipal police station.