Ramesh Prabhu, the former CFO of Gameskraft Technologies, a Bengaluru-based real money gaming company, reportedly diverted funds from the company to his personal accounts, where he invested it in Futures and Options trading. As per an FIR filed by Gameskraft Technologies, he lost a staggering Rs 250 crores of the company’s funds in risky investments.
The FIR was filed on September 9, following Prabhu’s confession email in March this year, after which he reportedly ‘disappeared’.
As reported by MoneyControl, Prabhu engaged in the F&O trading for three to four years, where he continued to lose company funds.
A 2024 SEBI study revealed that over 90% of India’s retail F&O traders incur losses.
The government of India banned all real-money gaming and gambling apps on August 21, by passing law in parliament. Gameskraft Technologies had to cease operations following the ban.
