Federal prosecutors indicted former iLearningEngines Chief Executive Officer Puthugramam Chidambaran and former Chief Financial Officer Sayyed Farhan Ali Naqvi on ten counts including running a continuing financial crimes enterprise and securities fraud. The government alleges the two fabricated virtually all of the company's customer relationships and revenue, deceiving investors and lenders over the life of the scheme. iLearningEngines, which marketed AI-driven business automation technology, is now in bankruptcy. Chidambaran founded the company in 2010. The indictment suggests the alleged fraud was not incidental but structural — the core business metrics used to attract capital were, according to prosecutors, invented.
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Media Coverage · April 20, 2026
The former CEO and CFO of iLearningEngines — an AI-driven business automation company now in bankruptcy — were indicted on April 17 in federal court in Brooklyn on 10 counts including securities fraud, wire fraud, and running a continuing financial crimes enterprise. Prosecutors say Puthugramam Chidambaran, 57, who founded the company in 2010, and ex-CFO Sayyed Farhan Ali Naqvi, 44, fabricated 'virtually all' of
newspaper Read articleThe former chief executive and chief financial officer of iLearningEngines, which provided AI-driven business automation technology, were indicted on charges they defrauded investors and lenders by fabricating “virtually all” of the now-bankrupt company’s customer relationships and revenue. Former CEO Puthugramam Chidambaran, who founded iLearningEngines in 2010, and ex-CFO Sayyed Farhan Ali Naqvi were charged in a 10-count indictment with running a continuing financial crimes enterprise, securi
Open original open_in_newEx - CEO , Ex - CFO of Bankrupt AI Company Charged With Fraud
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The former CEO and CFO of iLearningEngines — an AI-driven business automation company now in bankruptcy — were indicted on April 17 in federal court in Brooklyn on 10 counts including securities fraud, wire fraud, and running a continuing financial crimes enterprise. Prosecutors say Puthugramam Chidambaran, 57, who founded the company in 2010, and ex-CFO Sayyed Farhan Ali Naqvi, 44, fabricated 'virtually all' of iLearningEngines' customer relationships and revenue to deceive investors and lenders. Chidambaran was arrested in Potomac, Maryland; Naqvi was taken into custody in San Jose, California.
The former chief executive and chief financial officer of iLearningEngines, which provided AI-driven business automation technology, were indicted on charges they defrauded investors and lenders by fabricating “virtually all” of …
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