AI startup's Indian-origin ex-CEO & ex-CFO charged in over ₹3,910-crore scam case in US

AI startup iLearningEngines's two Indian-origin former executives, CEO Puthugramam Chidambaran and CFO Sayyed Farhan Ali Naqvi, have been indicted on charges of defrauding investors and shareholders. As per US Justice Department, the startup "fabricated virtually all its customer relationships and revenues". It claimed 90% of iLearning's 2023 revenue of $421 million (over ₹3,910 crore) was false.