High-Flying Deception: Ex-Ventura AirConnect CEO Caught in Mumbai Over Rs 1.15 Crore Cheating Case

A dramatic four-year chase concluded at Mumbai's Chhatrapati Shivaji Maharaj International Airport as Captain Ishwar Datt Sharma, the former high-flying CEO of Ventura AirConnect, was finally apprehended. His arrest stems from a long-standing 2019 cheating and criminal breach of trust case, where he is accused of defrauding an air charter company of a staggering Rs 1.15 crore.

The Ahmedabad Cyber Crime branch had been relentless in their pursuit of Sharma, who, despite multiple attempts by law enforcement, had managed to evade arrest since the FIR was lodged.

His luck ran out when immigration officials, alerted by a Look Out Circular (LOC) issued against him, intercepted him at the airport as he prepared to board a flight to Bangkok. He was promptly handed over to the Ahmedabad police, who had travelled to Mumbai for the handover. Following his arrest, Sharma was produced before a court and remanded to police custody for further investigation.

The intricate web of deception traces back to 2019 when Jayesh Patel, director of Skyline Air Charter Pvt Ltd, filed a complaint against Sharma.

At the heart of the matter was a business arrangement between Skyline Air Charter and AirConnect Aviation Pvt Ltd (now known as Ventura AirConnect), where Sharma served as CEO. The deal involved Skyline paying AirConnect Aviation Rs 1.15 crore for a Cessna C-90 aircraft, intended to be used for an air ambulance service.

Critically, the agreement stipulated that if the deal did not materialize, the substantial sum would be returned to Skyline Air Charter.

However, the deal reportedly fell through, and the promised refund never materialized. Instead, allegations surfaced that Captain Sharma, rather than returning the funds, had diverted the money for his personal enrichment.

The FIR details how Sharma allegedly used the Rs 1.15 crore to acquire personal assets, including a luxurious BMW car, a plot of land in Bhopal, and a flat in Mumbai. These accusations paint a picture of blatant misuse of corporate funds for individual gain, leading to severe charges under sections 420 (cheating and dishonestly inducing delivery of property), 406 (criminal breach of trust), and 120B (criminal conspiracy) of the Indian Penal Code.

The arrest marks a significant breakthrough in a case that highlights the persistent efforts of law enforcement against economic offenders.

Captain Sharma's journey from leading an airline to facing serious criminal charges serves as a stark reminder of the accountability that awaits those who allegedly betray trust and engage in financial fraud, no matter how long they manage to evade justice.