Police are on the look out for the Chairman and CEO of an IT company near Tambaram who collected a total of Rs 5 crore as caution deposit from trainees recruited by it and did not pay them back.
Police said the firm, Krishna Murthy Info, was promoted by a couple from Nellore - Venugopal Sharma, Chairman, and his wife Leena Sharma, CEO. It offered jobs to engineering graduates on the execution of a bond for Rs 2 lakh for a period of three years. The firm collected anywhere between Rs 25,000 and Rs 60,000 as CD from the trainees. It began defaulting in payment of stipend and salaries for the past two months. On October 1, it issued cheques to the staff, but all the cheques bounced. A complaint was lodged by a staff, Venkatesh.