Legal
Fugitive Venture Capitalist Ordered to Surrender $64 Million in SEC Case
- Oak Partners’ Iftikar Ahmed fled to India to avoid US charges
- His wife argued assets were hers and not subject to seizure
The US Securities and Exchange Commission headquarters in Washington, DC.
Photographer: Andrew Harrer/Bloomberg
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A former venture capital fund manager who fled to India to avoid fraud charges was ordered by a US appeals court to surrender $64 million to the SEC, though the regulator will need to determine if assets like real estate, jewelry and a Hermès handbag are actually owned by him or his wife.
Iftikar Ahmed, a former Oak Investment Partners executive, and his wife, Shalini Ahmed, have been fighting the Securities and Exchange Commission disgorgement order, claiming it was improperly enlarged from the original $42 million after a 2021 change in the law and that many of their assets can’t be seized because they belong to her and not him.