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What leads to startup frauds, and how VCs can defuse this ticking time bomb: an investigator decodes
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What leads to startup frauds, and how VCs can defuse this ticking time bomb: an investigator decodes

By Andrew McCollum

Saket Bhartia, Managing Director, Kroll; image courtesy of Kroll

Synopsis

A series of frauds have surfaced in startups. There could be a time bomb ticking at the heart of startup investments in India, says Saket Bhartia, managing director at forensic-investigation firm Kroll, Singapore. The firm was involved in some of the high-profile investigations including the one at Zilingo. Bhartia tells ET Prime how startup frauds take place and what VCs can do to protect their investments. Edited excerpts:

Given your role as an investigator, what’s your take on the number of alleged frauds reported in the Indian startup ecosystem?In the last few years, I’ve worked on multiple investigations into startups. Either an investor or the board or the company has called us in. In the last two years, especially in India, the number of transactions has been exponentially high. I think 2021 was a bumper year and we now have over 100 unicorns. So, it has been

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