Foxhog Ventures India Limited and its CEO, Tarun Poddar, are facing serious allegations of fraud, cheating, and criminal breach of trust, according to multiple FIRs and police complaints filed across India. These complaints, obtained from Delhi, Jharkhand, Odisha, and Agra police, suggest a recurring pattern of alleged fake investment commitments followed by illegal fee collection from startups.
Central Data Storage Alleges ₹36 Lakh Scam
A detailed FIR by Central Data Storage LLC, a cybersecurity company operating in India and the U.S., claims that Tarun Poddar approached them in November 2024, presenting himself as the CEO of Foxhog Ventures. The company alleges that Foxhog Ventures promised a $2.5 million investment for 13.6% equity.
Based on this assurance, Central Data Storage reportedly paid around ₹36 lakh under multiple heads including Registered Transfer Agent (RTA) fees, Credit Rating Agency (CRA) charges, AML processing fees, RBI challans, and legal compliance costs.
The FIR further alleges that institutions like CRISIL and Religare Broking denied any association with Foxhog Ventures, and that forged documents and fake emails were used to mislead the company.
Vakalat (Surat) Alleges ODI Certificate Scam
A Surat-based firm, Vakalat, has accused Foxhog Ventures India Limited of collecting fees for ODI certificates of directors, promising delivery within 15 days. No certificates were issued, and a refund cheque reportedly bounced due to insufficient funds. The complaint highlights alleged deliberate cheating by the company.
Jharkhand AI Startup Alleges Fake Investment Promise, ₹1.76 Lakh Lost
A Jharkhand-based AI startup, has raised serious allegations of fraudulent investment promises. According to the founder, an investment firm had assured funding of ₹2 crore in exchange for a 4.26% equity stake, valuing the startup at ₹47 crore.
Based on this commitment, the company reportedly paid ₹1,76,997 towards valuation, ODI, Shareholders’ Agreement (SHA), and RBI-related compliance expenses. However, the promised investment was later rejected, refund requests were ignored, and all communication from the firm reportedly stopped.
Startup experts warn entrepreneurs to carefully verify investor credentials before making any upfront payments, emphasizing that genuine investors do not charge fees to fund early-stage companies.
Agra FIR: GROPTO TECHNOLOGIES PVT LTD
In Agra, GROPTO TECHNOLOGIES PVT LTD filed a written FIR at the Thana Trans Yamuna Colony Police Station, claiming Foxhog Ventures India Limited issued a Letter of Intent (LOI) on 21 July 2025 for promised investment.
The LOI required GROPTO Technologies to pay various charges, including KYC, RBI filings, ODI, AML, CRA fees, legal documentation, and Shareholders’ Agreement costs.
Despite payment, Foxhog Ventures allegedly failed to provide the investment, later rejecting the proposal without explanation. The complainant stated that repeated refund requests went unanswered, causing financial loss, mental stress, and reputational damage.
The FIR requests action under IPC Sections 420 (Cheating), 406 (Criminal breach of trust), 467 (Forgery), 468 (Forgery for cheating), and 471 (Using forged documents). Supporting documents including payment proofs, emails, and LOI copies were attached.
Odisha EOW Confirms Enquiry
The Odisha Police Economic Offences Wing (EOW), Bhubaneswar, has confirmed that a petition against Tarun Poddar, Foxhog Ventures India Limited, and Sangitha Durrani has been forwarded for official enquiry.
Odisha Social Worker Files Bold Complaint Against Alleged Foxhog Fraudsters
Sandeep Mohanty, a well-known social worker from Bhubaneswar, has filed a formal complaint with Odisha’s Economic Offences Wing (EOW) against key figures associated with Foxhog Ventures, despite having suffered no personal financial loss.
In his December 2025 petition, Mohanty named Tarun Poddar and Sanghitha Durrani of Foxhog, urging authorities to investigate possible cyber fraud. The EOW in Bhubaneswar acknowledged the complaint in memos and forwarded it for approval by the Superintendent of Police.
Emerging Pattern of Alleged Fraud
Across multiple states, complaints indicate a consistent pattern: investment promises → collection of compliance fees → delays → silence → no refund.
Legal experts warn that genuine investors do not charge startups upfront fees for funding, emphasizing caution for entrepreneurs engaging with new investment firms.
Police investigations are ongoing, and startup founders are being advised to verify credentials before making any payments.
