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Allegations of false funding promises and unverified claims place Foxhog Ventures and its CEO Tarun Poddar under sharp scrutiny from founders, institutions and regulators.
Foxhog Ventures and its chief executive, Mr. Tarun Poddar, have in recent months come under the spotlight over questions surrounding their operations, investments and credentials. While the company presents itself as a fast-growing venture capital firm with global reach and significant startup backing, a series of reports, complaints and clarifications from founders, auditors and institutions have brought out a parallel narrative marked by disputes over financial practices, legal compliance and past claims. The contrasting accounts have led to growing scrutiny of both Foxhog’s activities and Mr. Poddar’s professional history.
Past Controversial Record –
As per available media reports Mr Poddar was arrested for creating fake college websites and collecting admission fees in 2018 by Delhi Police FIR 321/18 Janakpuri. DCP Vijay Kumar briefed that Mr Poddar falsely claimed to be a senior executive of multinational companies, officer in the narcotics department and a renowned author to dupe females. This case is dormant with an “untrace” report. As per Mr Poddar’s Cruncbase and several media reports, Mr Poddar claimed to be Operation Head of Boeing, Chief of Process of Apple Singapore and Board Member of Sequoia. These high end positions can not be verified by any official post, news article or social posts. These are also not a part of the employment section of Mr Poddar’s official Linkedin profile. The claimed Stanford MBA degree of Mr Poddar (at TedX) during 2015-17 is also unverified as reports suggest he did a ‘certificate course’ as compared to a full time MBA. Stanford’s official graduation ceremony and photo ops does not include Mr Poddar. Social media third party claims which are yet to be verified about Mr Poddar’s passport issued in 2025 with immigration check requirements adds an interesting side to all the above.
Similar allegations surrounding Mr Poddar’s previous companies such as The Poddar Group, Sanmax, Sumanchana Healthcare and BB – Budding Beats also surfaced and are available online in multiple platforms. There has also been several other social media outcry of similar disputed practices by Mr Poddar and Foxhog reported by Dr Chengxi Wang in Dark Reads and Dr Aikoriogie in Suncity Africa for misrepresentation, conmanship and other fraudulent activities claiming that Foxhog incorrectly showed them as high level employees. Both Dr Wang and Dr Aikoriogie are established international names in the fintech, economics and investment sector.
Present Allegation –
The present allegation against Mr Poddar and Foxhog Ventures is false funding promises and collecting huge legal fees by questionable law firms in return of fake certificates. These founders include Hitesh Bang, Sandeep Gudapali, Anas Mohammad and others who claim that Foxhog and Mr Poddar promised millions of investment and routed them to a law firm for legal compliance. The founders paid lakhs of rupees to Dewan and Associates but afterwards did not get any funding and instead they got fake CRA and FTA certificates from Religare and Care Edge as well as fake UETR fund transfer details from HDFC Bank and several invoices with RBI and SEBI branding. The founders have lodged an FIR in Hyderabad (166/25 Khairatabad, Hyderabad) for cheating and criminal breach of trust and Mr Poddar and Foxhog have launched Police Complaints and Defamation cases against them.
The Law Firm –
Foxhog team and Mr Poddar use the services of one “Dewan and Associates” and “Sangitha Durrani”. As per public record any law firm or advocates registered under that name can not be verified. The website of Dewan and Associates is managed and owned by Foxhog Ventures as per WHOIS data and claims the same partners and similar awards to that of established law firm “Luthra and Luthra”. The law firm and the lawyer Sangitha Durrani as well the operational mobile numbers and mail id are flagged as “Fraud” by Religare. Dewan and Associates and Foxhog’s Latest arm Finko both are registered in the UK and share the same address of registration in 2025 itself.
The IIT/IIM Saga –
Most recently news did rounds that Foxhog and Mr Poddar invested INR 17 and 25 crore respectively through CSR funding at IIT Roorkee and IIT Kanpur in space, defence, agriculture and manufacturing sectors. These were widely circulated by influencers, PR agencies and media. Later, after complaints and concerns from highly regarded and reputed individuals, IIT Roorkee, IIT Kanpur and media houses removed the published investment articles and official social media posts. However, some articles regarding the investment by IIT Kanpur are still available on the internet. There are also unverified reports of IIM Sambalpur and Indore withdrawing similar events. This year Mumbai Police Crime Intelligence Unit arrested Bilal Ahmed Teli for false impersonification after IIT Mumbai’s complaints, now public are waiting if IIT Kanpur and Roorkee raise this concern or not to investigating agencies.
The Financials –
Foxhog does not have any RBI or SEBI license to operate as a VC which it claims from 2020 onwards. The US arm was registered last year and it also does not have any financial institution clearance available in public by US authorities such as OCC, SEC IAPD, FINRA, NIC-FFIEC . Yet they use the name “Bank” and “Small Financial Bank” in their website and promotions. The revenue and profit of the Indian arm is close to INR 1.5 crore and 30000 respectively against the claimed USD 100+ million. The accounted debt of the company is 2.5 Cr INR and it has balance in hand for a few weeks as per MCA ROC filling for 2023-24. Mr Poddar and his mother are the sole directors of the company with few minor closed equity holders. The accounting practices are flagged by the independent auditor as “not as per law”. The Indian arm shows only one coworking space as official address and one bank account in ICICI bank, Guwahati, Assam. Their recent claim of NBFC partnership with Richcredit started in August 2023.
The Culture –
Mr Poddar claims more than 2 crore personal salary and tens of crores in employee salaries but data show total salaries at 80 lakhs contributing 50% of the company expenses, too low in the VC industry where the average salary of employees runs into tens of lakhs. Claims of thousands of employees and layoffs, tens of national and international offices can not be verified with available public data. Fxhog does not have any principal and partners and none of the available employees of Foxhog has previous work experience with any recognised VC or banking firms. Further, some claimed previous employees called out for justice for harassment and non-payment in Facebook and other groups against Mr Poddar.
The Awards and PR –
Mr Poddar and Foxhog claim to be “VC for villages”, “Zero NPA loss VC”, “No competitors” etc in self claimed and media PR. ET and Times of India awarded Foxhog as “Emerging VC of the year” and “VC of the year”. Both of these are managed by the same TIMES group and the due diligence does not include background check as per their own admission. These awards were never awarded previously to any one else before 2024. Claims of Forbes 30U30, Fortune 40U40 and others can not be verified through official websites as Mr Poddar’s name is not available in these lists. Most online articles concerning Mr Poddar and Foxhog are sponsored, PR, influencer and managed by Foxhog News as compared to independent or editorial fact checking journalism.
The investments –
Foxhog claims to have invested in over 140 startups and tens of millions of dollars but their website lacks a portfolio page which is a norm in the VC industry. None of these investments include any reputed angel or co-investors and none raised any other rounds by any other investors/VC. Online presence of any of these startups are limited and no publicly verifiable documents are available for their numbers such as revenue, profit, employees, customers, market share etc in India or elsewhere. Some of the founders namely Fanball XI, Farmsafe, Everis, Hbang, Central Data etc have renounced these claimed investments into their startups by Foxhog. Investment claims through the LP route by Foxhog are rebuked by GGV and Sequoia.
The controversy around Foxhog Ventures serves as a reminder of the vulnerabilities faced by students, startup founders, and even reputed educational institutions when due diligence is overlooked. For some, the fallout has meant financial strain, stalled careers and reputational damage; for others, a lasting sense of mistrust in the system. The case underscores why transparency and accountability are essential in India’s startup and investment ecosystem, where the stakes are not just financial but also deeply personal and professional.
Equally, if the involvement of any government officials, police personnel, authorities or politicians comes to light, they too must be held accountable and brought to justice, for the integrity of public institutions is central to rebuilding trust. At its core, the issue is not only about financial misconduct but also about safeguarding national security, upholding institutional integrity, and protecting the future of India’s innovation landscape.
Disclaimer: The financial insights and opinions expressed in this article belong solely to the author and are provided for general informational purposes only. They do not constitute financial, investment, or professional advice. We do not promote or endorse any specific investment, product, or financial strategy. Readers should seek advice from licensed financial advisors before making investment decisions.