Harish Chidambaran and Farhan Naqvi arrested over $421 million revenue claim
Business
Two Indian-origin top bosses at iLearning, Harish Chidambaran and Farhan Naqvi, were arrested on April 17, 2026 for a huge financial scam.
They allegedly faked revenue numbers and used fake contracts to trick investors, even claiming $421 million in revenue just before the company went public.
iLearning created fake accounts, moved $144 million
It turns out they created fake customer accounts and shuffled around more than $144 million through bogus transactions to make the company look successful, especially as AI hype grew.
The fraud came to light in 2024 thanks to a research firm, causing iLearning's stock to crash.
The company filed for Chapter 11 bankruptcy in December 2024, and the proceedings were converted to a Chapter 7 liquidation in 2025.