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BW Businessworld

The Business Detective

Omkar Shrihatti brings to Karza Technolgies his rich experience of investigating cases of business fraud including diversion of funds

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A specialist in fraud investigations and back­ground checks, Omkar Shrihatti is the Co-founder and CEO of Karza Technologies, one of the most comprehensive digital due diligence platforms to enable the screening of third parties through more than 700 credible publicly availa­ble government information sources on a singu­lar gateway.

In the initial days of his career, Shrihatti interned with a boutique firm of chartered accountants where he first discovered his propensity for investigating cases of diversion of funds and embezzlement. 

After a few years, due to his inquisitive nature in finding money leak­age, he successfully investigated at EY’s Fraud Investigations Team in multi-million dollar frauds by promoters, employees and vendors, with respect to diversion of funds, bribery and corruption and money laun­dering. 

Veteran in Fraud Invstigations

Omkar was involved in over 100 high-profile business fraud investiga­tions as a senior consultant at EY. With a vision to transform the BFSI community, 

Omkar established Karza to overcome fraud and re-build public faith in India’s financial services ecosystem. Karza’s offerings help financial institutions during their customer journey from onboarding (TotalKYC), risk assessment (Discover), underwriting and due diligence (KScan), monitoring (KWatch) and recoveries (KLookup). 

Effective Risk Management

Each of these solutions centres on accurate digitisation of the processes, enabling rapid decision making for onboarding, underwriting and risk assessment as well as ensuring comprehensive risk management and screening to guarantee no missing of the main factors.

The Covid-19 has changed the way we bank, among other things. However, even post-pandemic period, digital savings account opening is likely to be the way forward, given the convenience it offers, making it imperative to monitor matters on embezzlement. 

In an exclusive interaction with BW Businessworld, Shrihatti stated, “We are cur­rently in the Angel Investing stage of funding and as of July 2020, we have been able to raise close to Rs 9 Cr in funds from various investors. These include Rajan Anandan, Shravan Shroff, Singapore Angel Network, Anand Ladsariya, Artha Ventures, Singularity Ventures, Vinit Rai- JM Financial, and Harish Engineer-Ex-HDFC”. 

Apart from being an expert in fraud investigation, Omkar also deals with product development, and the largest banks in the coun­try use his products. His primary set of challenges involved under­standing and clearing larger bank’s complicated methods, data secu­rity concerns, compliance claims, audits, persuading them about the robustness and security of Karza’s solutions. 

Huge Growth Potential

India holding the fastest emerging fintech market in the world, by FY23 the annual addressable mar­ket of the Indian BFSI and Digital Space for Karza’s product suite is anticipated to reach USD one bil­lion.

Karza was able to provide all the security requirements and main­tained consistent relationships with the banks. Omkar has said, “I have grown to realise that with curiosity, hunger, and drive, no matter the failures, all objectives can be achieved.” He added, “I also hope to inspire budding entrepre­neurs to build scalable, sustainable, and forward-thinking businesses.” 

With big data analytics, business intelligence, and machine learning, Karza Technologies under the supervision of Omkar, expanded from a miniature team to a profita­ble venture-backed company within three years of originating operations and with over 150 employees. Karza Technologies not only assesses the creditworthiness of business entities but also pre­dicts their future potential and intent.