SEC Accuses Dubai-Based Executive of $60 Million Fraud Involving Offshore Entities in Mauritius, Cayman Islands, and Singapore

New York, November 9, 2025 — The U.S. Securities and Exchange Commission (SEC) has filed a civil complaint in federal court in New York against Srinivas Koneru, a U.S. national residing in Dubai, alleging:

• His  involvement in a $60 million securities fraud scheme
• The fraud scheme spanning multiple jurisdictions, including Mauritius, the Cayman Islands, and Singapore.

According to the SEC’s filing, Koneru orchestrated the fraud through a network of entities linked to his fintech operations, including:

• Triterras Fintech Pte. Ltd. (Singapore), Triterras Inc., Netfin Acquisition Corp., and
• Several offshore investment vehicles such as AGPL LP Interest Ltd. (formerly TAPL LP Interest Ltd., a.k.a. TAPL Fund), IKON Strategic Holdings Fund, Rhodium Resources Pte. Ltd., and Symphonia Strategic Opportunities Limited.

These entities were allegedly used to mislead investors during and after the November 2020 business combination between:

• Triterras Fintech and
• Netfin Acquisition Corp., a Nasdaq-listed SPAC.

The SEC claims

• Koneru made deceptive statements about Triterras’ flagship platform, Kratos, portraying it as a transformative solution for global trade finance.
• He allegedly overstated the platform’s adoption and financing volumes, claiming billions in assets under management and $1.1 billion in trade finance transactions, which the SEC says were false and misleading.

These misrepresentations induced investors to approve the merger and retain shares rather than redeem them at approximately $10 per share, resulting in significant losses.

Mauritius Connection

• The complaint specifically names Mauritius-based entities as part of the fraud structure, underscoring the jurisdiction’s role in the alleged scheme.
• OffshoreAlert reports that Symphonia Strategic Opportunities Limited, incorporated in Mauritius, was among the vehicles implicated in facilitating the transactions and investments tied to Koneru’s network. [offshorealert.com]

Regulatory and Legal Fallout

• The SEC’s action follows years of scrutiny over Triterras’ operations, which previously faced class-action lawsuits and settlements related to undisclosed related-party transactions involving Rhodium Resources. In 2022, Triterras agreed to a $9 million settlement in a separate securities class action, though it did not admit wrongdoing. [sec.gov]
• If proven, the allegations could lead to severe penalties, including disgorgement of ill-gotten gains, civil fines, and potential bans on Koneru’s participation in U.S. securities markets.

Read more from primary sources:

• OffshoreAlert: Dubai-based Srinivas Koneru accused of $60M securities fraud [offshorealert.com] – https://www.offshorealert.com/dubai-based-srinivas-koneru-accused-of-60m-securities-fraud-in-new-york/
• FX News Group: SEC goes after founder of Triterras Fintech [fxnewsgroup.com] – https://fxnewsgroup.com/forex-news/regulatory/sec-goes-after-founder-of-triterras-fintech/
• SEC Filing: Triterras Settlement Agreement [sec.gov] - https://www.sec.gov/Archives/edgar/data/1819876/000121390022027132/ea159934-6k_triterras.htm