All charges dropped against man accused of stealing customers, $11M from local company

PITTSBURGH — All charges were dropped against a man accused of setting up a company with a similar name and then stealing customers.

Prosecutors withdrew all charges against Santhosh Madhavan after he reached a civil agreement with his former employer, Indocarb.

Based in India, the company makes carbon to treat water.

>>>RELATED: Man accused of stealing $11 million from his local employer by creating business with similar name

Madhavan was accused of creating a similar company in Pittsburgh and stealing $11 million. His attorney claimed it was all lawful competition with a former business partner.

The District Attorney’s Office said that as part of the settlement, Indocarb agreed not to pursue criminal charges.

Madhavan’s attorney, Joe Valenti, sent Channel 11 a statement:

“As I previously indicated, Mr. Madhavan fully cooperated with the authorities. Criminal charges alleging an $11,000,000 theft were always unfounded. After confidential consideration of all relevant facts and circumstances, withdrawal of criminal charges in favor of deference to the civil-litigation process was deemed appropriate.”