Skip to content
Search

Latest Stories

Indian former chief executive charged in US with securities fraud

AN Indian ex-chief executive officer (CEO) of a publicly traded American fintech firm has been indicted for orchestrating a multi-million dollar accounting fraud to inflate the revenue of the now-defunct cryptocurrency company to get it listed on the Nasdaq, a US attorney has said.

Venkata Meenavalli, 49, and others orchestrated the fraud in 2017 and 2018 relating to Longfin Corp, a publicly traded company purportedly engaged in sophisticated commodities trading and so-called "cryptocurrency" transactions, including "blockchain-empowered solutions."


He has been indicted for allegedly orchestrating the scheme to defraud investors and others by recognising more than $66 million in fake revenue to fraudulently get the company listed on the Nasdaq, US Attorney Craig Carpenito said on Wednesday (5).

The Nasdaq is an American stock exchange.

The charges carry a maximum potential penalty of 20 years in prison and a $5m fine.

The company's share price jumped some 2,000 per cent in 2017 after announcing a blockchain pivot, it said.

Simultaneously, the US Securities and Exchange Commission (SEC) also filed a new fraud action against Longfin and Meenavalli for falsifying the company's revenue and, together with a former Longfin consultant, for fraudulently securing the company's listing on the Nasdaq.

Federal prosecutors alleged that Longfin did not engage in any revenue-producing cryptocurrency transactions, and did not use the blockchain to empower any solutions.

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Longfin reported as revenue millions of dollars of commodities transactions, which were actually sham events between Longfin and separate entities Meenavalli controlled, using phony bills of lading and other fraudulent documents, the department of justice alleged.

Longfin fraudulently reported in its public filings with the SEC more than $66m of revenue that was never actually earned and should never have been recognised.

By including this phony revenue in the company's public filings, Meenavalli and others made Longfin's shares more attractive to potential investors, according to court papers.

Longfin's 2017 Form 10-K (a required annual report to the SEC) claimed that its primary source of revenue was from "structured trade finance", including "the sale of physical commodities".

"Longfin falsely reported million in accounts receivable in purported physical commodity sales that never occurred.

In fact, Meenavalli allegedly owned or controlled several entities that purportedly did business with Longfin, and did not disclose those relationships to Longfin's shareholders or the investing public," federal prosecutors said.

(PTI)

More For You

Alcaraz &  Djokovic

Djokovic (L) and Alcaraz embrace during practice prior to The Championships Wimbledon 2025 at All England Lawn Tennis and Croquet Club on June 26.

Getty

Wimbledon 2025: Alcaraz eyes third straight title as Sinner, Djokovic lead challenge

CARLOS ALCARAZ will look to win his third consecutive Wimbledon title this year, reinforcing his position as the leading player on all surfaces. Jannik Sinner, who lost to Alcaraz in a closely fought French Open final, heads to London hoping to reverse the result.

Seven-time Wimbledon champion Novak Djokovic will also be in contention. At 38, this could be his best chance to win a record 25th Grand Slam title. Djokovic lost the last two Wimbledon finals to Alcaraz and will aim to reclaim the trophy at the All England Club.

Keep ReadingShow less
F-35B jet

The UK has agreed to move the aircraft to the Maintenance Repair and Overhaul (MRO) facility at the airport.

Indian Air Force

F-35B jet still stranded in Kerala, UK sends engineers for repair

UK AVIATION engineers are arriving in Thiruvananthapuram to carry out repairs on an F-35B Lightning jet belonging to the Royal Navy, which has remained grounded after an emergency landing 12 days ago.

The jet is part of the HMS Prince of Wales Carrier Strike Group of the UK's Royal Navy. It made the emergency landing at Thiruvananthapuram airport on June 14. The aircraft, valued at over USD 110 million, is among the most advanced fighter jets in the world.

Keep ReadingShow less
Prada 2026 sandals

Prada acknowledges Indian influence behind its Spring Summer 2026 men’s footwear

Instagram/prada/iStock

Prada finally acknowledges Kolhapuri chappals inspired 2026 sandals after Indian backlash over Milan show

Quick highlights:

• Prada confirms Indian roots behind 2026 ‘leather sandals’ after controversy
• Indian artisans and officials accused the brand of cultural appropriation
• The footwear resembles traditional Kolhapuri chappals with GI status
• Prada says designs are still in development and open to dialogue with India

Keep ReadingShow less
Shefali Jariwala

Shefali Jariwala dies at 42 after cardiac arrest in Mumbai hospital

Instagram/shefalijariwala

Kaanta Laga star Shefali Jariwala dies of cardiac arrest at 42, postmortem underway in Mumbai

Quick highlights:

  • Actor and model Shefali Jariwala passed away late Friday night in Mumbai at the age of 42.
  • She was rushed to Bellevue Multispeciality Hospital after a cardiac arrest but was declared dead on arrival.
  • The Kaanta Laga star was married to actor Parag Tyagi, who was seen grieving outside the hospital.
  • Mumbai Police and forensic teams are investigating, with an official cause of death yet to be confirmed.

Actor and television personality Shefali Jariwala, who rose to fame with the early 2000s music video Kaanta Laga, has died following a sudden cardiac arrest. The 42-year-old was declared dead at Bellevue Hospital in Mumbai late on Friday night, 28 June. Her husband, actor Parag Tyagi, reportedly rushed her to the hospital around midnight with the help of close friends.

Despite immediate medical attention, doctors could not revive her. A hospital source confirmed she was “dead on arrival” at 11:27 pm. Her death has left friends, fans, and colleagues in shock, as many described her as healthy, cheerful, and actively working.

Keep ReadingShow less
Ahmedabad air crash
Relatives carry the coffin of a victim, who was killed in the Air India Flight 171 crash, during a funeral ceremony in Ahmedabad on June 15, 2025. (Photo: Getty Images)

Ahmedabad crash: Grief, denial and trauma haunt families

TWO weeks after the crash of Air India flight AI-171 in Ahmedabad, families of victims are grappling with grief and trauma. Psychiatrists are now working closely with many who continue to oscillate between denial and despair.

The crash occurred on June 12, when the London-bound flight hit the BJ Medical College complex shortly after takeoff, killing 241 people on board and 29 on the ground. Only one passenger survived.

Keep ReadingShow less