Maple Grove Felon Indicted for $10 Million Investment Fraud Scheme

MINNEAPOLIS – A Maple Grove man has been indicted for defrauding investors and financial institutions out of more than $10 million, announced U.S. Attorney Andrew M. Luger.

According to court documents, Aditya Raj Sharma, 50, was the founder, CEO, and president of Crosscode Inc., a cloud-based software development company headquartered first in Maple Grove and later in Foster City, California. From Crosscode’s founding in 2015 through at least May 2019, Sharma was the primary operator of the company, its controlling shareholder and, at times, its only employee and shareholder.

According to court documents, from 2017 through at least 2019, Sharma knowingly and intentionally devised and executed a scheme to defraud investors, financial institutions, and lending and finance companies. Sharma manipulated and falsely inflated Crosscode’s financial records to induce private investors and financial entities to extend capital to his company in order to avoid or delay financial hardship for Crosscode, which was mired in debt with virtually no incoming revenue or cash-on-hand.

According to court documents, as part of his multi-year scheme, Sharma fraudulently applied for hundreds of thousands in funding from multiple lenders and finance companies. In total, Sharma induced at least one financial institution to provide him with a $950,000 line of credit, and further induced at least 150 investors, including Minnesotans, to provide approximately $9.25 million to Crosscode.

The indictment charges Sharma with four counts of wire fraud and two counts of bank fraud. Sharma made his initial appearance yesterday in U.S. District Court before Magistrate Judge Dulce J. Foster.

This case is the result of an investigation conducted by the FBI.

Assistant U.S. Attorney Matthew S. Ebert is prosecuting the case.

An indictment is merely an allegation and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.