⏱ 2 min read
Two high-flying tech execs ran a multi-year scheme to rip off investors and lenders in Brooklyn, federal prosecutors allege.
Harish Chidambaran, ex-CEO of Nasdaq-listed iLearningEngines, Inc., and Farhan Naqvi, the company’s ex-CFO, allegedly operated a continuing financial crimes enterprise, defrauding retail and institutional investors in the tech firm.
iLearning claimed to provide AI-driven business automation solutions, but Chidambaran and Naqvi presented a fake financial picture to investors and lenders, using lies to prop up the company’s stock price.
Both defendants were arrested today in separate states and will face federal charges in Brooklyn.
As alleged, the duo exploited the hype surrounding AI, pitching iLearning as a revolutionary force in training and education. But in reality, the company had little to no customers or revenue.
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📋 Key Facts
- Crime: White Collar Crime
- Defendant: Wire Fraud
- Location: NY
- Source: DOJ Press Release
