$421M AI business scam: How 2 Indian-origin tech executives ‘inflated’ revenue through ‘sham contracts’ in US
Two Indian-origin tech executives were charged with multiple crimes, including running a continuing financial crimes enterprise, conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, and wire fraud, according to a ten-count indictment unsealed in a Brooklyn federal court on Friday (US time).
Identified as Puthugramam “Harish” Chidambaran and Sayyed Farhan Ali “Farhan” Naqvi, the top officials were also accused of falsely inflating their now-bankrupt company’s revenue by hundreds of millions of dollars through “sham contracts” with entities they controlled, along with other employees, friends and family members.
