Times of India | Fake contracts, false revenues: Two Indian-origin executives charged in Brooklyn for AI platform scam

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Two Indian‑origin executives, Puthugramam “Harish” Chidambaran and Sayyed Farhan Ali Naqvi, were arrested in Brooklyn for orchestrating a massive fraud at iLearning, a Maryland‑based tech firm that marketed an “out‑of‑the‑box AI platform.” After founding the company in 2010 and claiming $421 million in revenue for 2023, iLearning went public in 2024, raised $60 million in loans, and attained a $1.5 billion market value before investigators discovered that its revenues and contracts were fabricated, with false agreements signed by family members and round‑trip transactions siphoning more than $144 million. An investment research report exposed the deception, leading to a sharp stock decline; the company filed for Chapter 11 bankruptcy in late 2024, which was later converted to Chapter 7 liquidation in 2025. The defendants exploited the AI boom hype, lying to investors and lenders about the company’s financial health.

Read more: https://timesofindia.indiatimes.com/world/us/fake-contracts-false-revenues-two-indian-origin-executives-charged-in-brooklyn-for-ai-platform-scam/articleshow/130377840.cms

#HarishChidambaran #FarhanNaqvi #iLearning #NASDAQ #PuthugramamChidambaran #SayyedFarhanAliNaqvi

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