Three men, including the CEO and CFO of Near Intelligence, were indicted for allegedly conspiring to fraudulently inflate the company's revenue through fake invoices and inflated payments. The scheme reportedly overstated Near Intelligence's revenue by around $25 million. Following this revelation, the company filed for bankruptcy in December 2023, just months after merging with a special purpose acquisition company (SPAC). The proliferation of SPACs amid the pandemic drew in many investors, but market conditions have since led to significant failures within this investment approach, resulting in major losses.
Federal prosecutors in New York unsealed charges against Near Intelligence's founders for allegedly exchanging fake invoices to inflate the company's revenue.
The alleged accounting fraud overstated Near Intelligence's revenue by about $25 million, leading to an indictment for the company's CEO and CFO.
Near Intelligence filed for bankruptcy in December 2023, less than a year after merging with SPAC KludeIn Acquisition Corp.
SPACs drew extensive investor interest during the pandemic but faced backlash as stricter regulations emerged and many post-merger firms struggled.
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