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News on Medial
Builder.ai Cofounders Booked In Two Separate Criminal Case
Inc42
·
1y ago
Medial
Cofounders of AI startup Builder.ai, Sachin Dev Duggal and Saurabh Dhoot, have been booked by the Enforcement Directorate (ED) in connection with separate criminal cases. Duggal is a suspect in a money laundering case related to bankrupt electronics giant Videocon, while Dhoot is implicated in an alleged loan fraud case. The ED is investigating transactions between 2008 and 2012 that suggest Videocon transferred funds to a company founded by Duggal in India, which were then allegedly transferred to Videocon's overseas entities. Builder.ai has received backing from tech investors including Microsoft and SoftBank.
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Related News
London-based Builder.ai’s co-founders named in money laundering probes in India: Report
IndianStartupNews
·
1y ago
Medial
The cofounders of Builder.ai, Sachin Dev Duggal and Saurabh Dhoot, are facing legal controversies in India. Duggal is implicated in a money laundering case linked to Videocon, while Dhoot is accused in a loan fraud case. Duggal's case involves alleged "unexplained transactions" between his previous company and Videocon, while Dhoot's involvement remains undisclosed. Despite the legal challenges, Builder.ai has gained recognition for its AI-driven platform that simplifies app and website development.
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Co-working firm Innov8 goes into arbitration with Rahul Yadav's 4B Networks for unpaid dues
Money Control
·
1y ago
Medial
Rahul Yadav, the founder of 4B Networks, is facing mounting legal troubles, including arbitration and criminal cases. In addition to his arbitration dispute with Info Edge, it's revealed that 4B Networks and Yadav are also in arbitration with Innov8 over unpaid rent of Rs 1.08 crore for an office space. Innov8 has filed a criminal case under the Arbitration and Conciliation Act after failed attempts to resolve the issue. Another arbitration case involving 4B Networks is also facing difficulties, with Yadav requesting more time for understanding the arbitration case with Info Edge. A criminal case has also been filed against Yadav by an ad agency for Rs 10 crore in unpaid dues.
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Fourth top FTX executive pleads guilty ahead of Sam Bankman-Fried trial
Economic Times
·
1y ago
Medial
Ryan Salame, a former top executive at cryptocurrency exchange FTX, has pleaded guilty to criminal charges related to a fraud case against FTX's founder, Sam Bankman-Fried. Salame admitted to making millions in political contributions at Bankman-Fried's direction, labeling them as loans from FTX's sister company, crypto hedge fund Alameda Research. He will pay a $6 million fine, over $5 million in restitution to FTX, forfeit two properties, and could face up to 10 years in federal prison. Salame is the fourth executive in Bankman-Fried's circle to admit to criminal conduct, putting pressure on Bankman-Fried ahead of his trial next month.
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Builder.ai, VerSe in fake sales scandal; report alleges fraud
Inshorts
·
2m ago
Medial
Builder.ai reportedly faked sales by round-tripping invoices with Indian firm VerSe Innovation from 2021 to 2024. The alleged sham inflated revenues to mislead investors. VerSe denies wrongdoing while Builder.ai remains silent. The controversy comes as Builder.ai faces bankruptcy, raising red flags in the startup ecosystem over financial ethics and regulatory oversight.
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What’s left for the Supreme Court to decide? 4 cases remain and here are the major ones
Livemint
·
1y ago
Medial
The Supreme Court is still deliberating on several important cases, including whether former President Donald Trump has immunity from criminal prosecution in the election interference case against him. This is the first time the court is considering criminal immunity for a former president. The timing of the decision is crucial, as Trump's trial in Washington, D.C. may not take place before the November election if the court rules he is not immune. Additionally, the court is also considering two cases related to social media laws in Texas and Florida that aim to regulate content on platforms like Facebook and TikTok. These laws have been deemed as addressing conservative complaints about biased censorship.
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'Our name got unnecessarily dragged': VerSe’s Umang Bedi on round-tripping allegations
YourStory
·
1m ago
Medial
VerSe Innovation, parent company of Dailyhunt, refuted allegations of fake business dealings with Builder.ai, which faced insolvency. Allegations claimed revenue inflation through round-tripping with Builder.ai, but VerSe's Co-founder, Umang Bedi, deemed them baseless and misleading, providing evidence of legitimate transactions and collaborations. VerSe spent $80 million on Builder.ai's services over five years, while Builder.ai paid for VerSe's advertising services. Despite reporting a revenue dip, VerSe aims for 75% growth in FY25.
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Byju’s US lenders invoke parent company's guarantee in insolvency proceedings
Economic Times
·
1y ago
Medial
The National Company Law Tribunal has directed Byju's to respond to two insolvency petitions filed against the company by US lenders and the Board of Control for Cricket in India. The first petition was filed by Glas Trust Company, the administrative agent for a group of lenders, claiming default on a $1.2 billion loan. The second petition is from BCCI, alleging non-payment of dues. Byju's has been given three weeks to file objections in the first case and a separate hearing is scheduled for the second case.
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Uttar Pradesh police to deploy AI tool Crime GPT to catch criminals faster; Key things to know
IndianStartupNews
·
1y ago
Medial
The Uttar Pradesh Police has integrated an AI tool called Crime GPT, developed by Staqu Technologies, to enhance law enforcement capabilities. Crime GPT utilizes artificial intelligence to analyze data, including CCTV footage and audio, for criminal investigations. Features such as facial recognition, voice analysis, and criminal gang profiling enable law enforcement officers to retrieve information about suspects rapidly. The tool is expected to expedite information retrieval, accelerate case resolutions, and improve security measures. Uttar Pradesh Police and Staqu Technologies have previously collaborated on a digital archive of criminal records.
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Funding and acquisitions in Indian startups this week [18-23 Mar]
Entrackr
·
1y ago
Medial
This week, equivalent to 22 Indian startups raised $447.35 million in funding. These deals include nine growth-stage deals and 11 early-stage deals. Two early-stage startups kept their transaction details undisclosed. Last week, about 30 early and growth-stage startups collectively raised around $287 million, including four undisclosed deals. [Growth-stage deals] Among the growth-stage deals, nine startups raised $420.35 million in funding this week. Healthtech firm Engrail led the pack with $157 million in funding. Audio series platform Pocket FM, healthtech startup Ultrahuman, and content-to-commerce company The Good Glamm Group followed with $103 million, $35 million, and $30 million funding, respectively. Further, data collaboration software provider Atlan, cloud kitchen startup Curefood, B2B marketplace and retail platform Jumbotail, NBFC operating in remote rural parts, Dvara KGFS, and coffee brand SubKo Coffee also raised funds this week. [Early-stage deals] As many as 11 early-stage startups scooped funding worth $27 million during the week. MSME-focused lending-tech startup Optimo Loan topped the list followed by gaming startup Liquidnitro, boutique hotels firm Brij Hotels, and climate tech platform Sprih. The list further includes networking solution provider HCIN Network, AI music startup Beatoven.ai, B2B furniture cloud factory Relso, fintech firm Yenmo, and jewellery brand Jewelbox among others. The list of early-stage startups also includes two startup that kept the amount undisclosed. The startups are Droom and Dairy Day. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 14 deals followed by Delhi-NCR with 3 deals. Mumbai, Hyderabad, Kolkata, and Ahmedabad are next on the list. The complete breakdown of the city and segment can be found at TheKredible. [Series-wise deals] This week, seed funding deals are on the top spot with five deals. Four startups raised funding in Series B, followed by three pre-seed, three Series A, and two Series D deals. [Week-on-week funding trend] On a weekly basis, startup funding grew 56% to $447.35 million across 22 deals. Last week, 30 startups raised around $287 million in funding. The average funding in the last eight weeks stands at around $254 million with 26 deals per week. [Mergers and Acquisitions] This week witnessed only one acquisition deal. French influencer marketing firm YKONE acquired a 70% stake in Barcode, a content and influencer marketing agency for an undisclosed amount this week. [Fund launches] The week witnessed three startup-focused fund launches. American investment firm Alphatron Capital, which primarily makes limited partner-style bets on venture capital firms in India, has closed its maiden fund and received $30 million in commitments from its limited partners (LPs) for the fund. US-based multi-stage venture capital firm B Capital made the final close of its second opportunities fund with aggregate capital commitments of $750 million. Cedar Capital, the fintech-focused venture capital arm of management consulting firm Cedar and fintech market intelligence platform IBS Intelligence, also marked the first close of its $30 million FinTech Venture Capital fund, raising capital in the range of Rs 50 to 75 crore. [Shutdown and Layoff] OKX, one of the largest crypto exchanges in terms of trading volume, is shutting down its services in India. Citing local regulatory hurdles, the Seychelles-headquartered exchange notified its users in the country to close their accounts and redeem funds before April 30. Prosus-backed virtual events platform Airmeet laid off around 20% of its entire workforce earlier this week, as part of its second restructuring exercise within a year, people aware of the matter informed Inc42 on the condition of anonymity. Visit TheKredible to see series-wise deals and amount breakup, complete details of fund launches, and more insights. [New launches] ▪️ PB Fintech plans to incorporate a subsidiary to enter the PA biz [Financial results this week] ▪️ EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too ▪️ Advantage Club crosses Rs 300 Cr revenue in FY23; profitability in sight ▪️ ZingHR posts Rs 84 Cr revenue in FY23; losses surge 84% ▪️ BetterPlace crossed Rs 500 Cr revenue in FY23; losses grew 47% ▪️ Eupheus Learning reports Rs 99 Cr revenue in FY23; improves economics ▪️ Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable [News flash this week] ▪️ Builder.ai Co-founders booked by ED in two criminal cases ▪️ MIB warned influencers on promoting offshore online betting and gambling platforms ▪️ Zomato gets GST penalty notice from Gujarat’s Deputy Commissioner Of State Tax [Conclusion] After the stagnant funding in the past few week, the weekly funding grew 57% and crossed $450 million. In a positive development, this week again three VC firms launched startup-focused funds to support Indian entrepreneurs. While the layoffs and shutdowns reappeared this week as crypto exchange OKX is shutting down its services in India and virtual events platform Airmeet laid off around 20% of its entire workforce. Co-founders of AI-focused startup Builder.ai have reportedly been booked by the Enforcement Directorate in connection with two separate criminal cases. Sachin Dev Duggal is named as a suspect in an alleged money laundering case, while Saurabh Dhoot is linked to an alleged loan fraud case. Duggal’s involvement stems from the ED’s money laundering probe into the now-bankrupt electronics giant Videocon. The agency issued a summons to Duggal in 2022 to appear as a witness in the probe into alleged “unexplained transactions” between his company (not Builder.ai) and Videocon. Moreover, the Ministry of Information and Broadcasting advised endorsers and influencers on social media to refrain from promoting or advertising offshore online betting and gambling platforms. The ministry also directed online advertisement intermediaries not to target such promotional content towards the Indian audience. Failure to comply may lead to proceedings under the Consumer Protection Act, 2019, including removal or disabling of social media posts or accounts and penal action under applicable statutes. Additionally, foodtech major Zomato has received a GST penalty notice from Gujarat’s Deputy Commissioner of State Tax for fiscal 2018-19. Zomato has been asked to pay Rs 4.11 crore for GST, along with additional interest and penalty charges totaling Rs 8.57 crore following an audit of its GST returns and accounts.
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NestAway founder levels fraud charges against Tiger Global, Chiratae
The Arc Web
·
7m ago
Medial
Amarendra Sahu, founder of NestAway, has filed a criminal case against Tiger Global, Chiratae Ventures, co-founders, and others for alleged fraud, forgery, and coercion during NestAway's 2023 sale. Sahu claims his signature was fraudulently used to sell NestAway for ₹90 crore after he resigned as director. The complaint includes accusations of financial misconduct, as investors allegedly withheld a promised ₹11.72 crore payout. NestAway, valued at ₹1,800 crore in 2019, saw a 95% valuation drop during the distress sale. FIR was registered in Bhubaneswar under IPC sections for fraud, forgery, and criminal conspiracy.
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