A company founded in 2010 and dissolved in 2025 had been defrauding investors and shareholders through false revenue figures and fake contracts. Two Indian-origin men have been charged with this elaborate financial scam surrounding iLearning, a Maryland-based technology company that marketed itself as an "out-of-the-box AI platform". Puthugramam “Harish” Chidambaran, the founder and former Chief Executive Officer, and Sayyed Farhan Ali “Farhan” Naqvi, iLearning’s former Chief Financial Officer were arrested on April 17 and were presented in the court.
The court documents said that they exploited the investor excitement over the AI boom and told their investors and lenders lies, inflated figures. The truly artificial part of their story was their customers and revenues, United States Attorney Nocella said.
