This guy really needs to be behind bars. ED, EOW, IT should all be behind his ass and haunt him before he leaves the country.

Sales

White crimes aren’t dealt with as heavily 🤷🏻‍♂️

Software Engineer

As far as I know, GoMechanic had a detailed forensic audit in Jan, Feb & with everything being clear only the sale happened as the buyer Hero group also wanted to check. I was an ex employee.

Once a crook, always a crook...  
  
 What I don't understand is that despite the very public past track record of these founders, how do they still manage to raise funding? Rahul Yadav, Adam Neumann, Travis Kalanick...

Because they are very good at selling and are world class salesman

Tech Lead

Growth And Strategy

4B founders and top management bought plush homes in Kanakia Paris (BKC) while working from suites in Taj lands end.. all money siphoned from 4B

Finance Consultant

Product Manager

No difference between this tech crook and typical property mafia who takes amount for construction and vanishes

Don’t think Zilingo, GoMechanic, Mojocare founders faced any such enquiries? Or did they?

Welcome to Indian Startups's Private Community

Might be the first time a founder is being litigated against for fraud?

Analyst

Might be the first time a founder is being litigated against for fraud?- Grapevine

Heard Groyyo is cooking numbers? Is it true? Can any VC guy confirm?

Growth Manager

I was speaking to an ex-colleague and he mentioned how my previous employer, a lending startup, has been intentionally over-reporting disbursal numbers and under-reporting delinquencies in portfolio.

They conveniently chuck the NBFC partners who dare to ask questions and instead catch new fish. During my time I saw sales staff committing rampant frauds and making money on the sides from users. The founders conveniently turned a blind eye till there was new business coming in. They've seemingly moved on to the next level now.

The founders have top pedigree and already come from well off families. Makes me wonder how many such skeletons are buried across startups and what leads to such behaviour. Especially in the wake of what we saw with GoMechanic, Zilingo etc.

Frauds at startups

Business Operations

Welcome to News Discussion's Private Community

What an absolute shit show
https://www.moneycontrol.com/news/technology/fraud-threats-sexual-harassment-zilingos-ankiti-bose-files-fir-against-co-founder-ex-coo-12706929.html

Zilingo CEO files FIR against COO & CTO

Zilingo is already defunct. A once billion dollar startup that is now literally 0. 
One of the major startup scams. Investors just kept lapping up the GMV growth.

And now when everything is over, co-founders filing FIRs against themselves.
Disappointing.

My only appeal to everyone: please call out if you're at a startup that's doing similar stuff. A lot of careers can get saved...

Corporate Strategist

Picture speaks a thousand words

Should founders face criminal consequence?

GoMechanic

Welcome to Personal Finance's Private Community

"I wonder how Jefferies has given a target price of Rs. 520/share on Mamaearh - on the listing day, it was already at 93.5 times EBITDA" -> Need more people like this on LinkedIn!

Brace yourself everybody. Another big fraud coming and this will be bigger than what we have seen so far. Sequoia (Peak XV) portfolio company.

Welcome to Office Gossip's Private Community

What really happened here? I’m curious.

Any thoughts on Zilingo liquidation?

Software Developer

This is an interesting trend fully driven by VCs/board

(Co)founders laid-off

Apart from a few good ones here rest are toxic-ologists 🥲. Startup ecosystem is rosy from outside only (folks who know, know :))

Private Equity

After GoMechanic, now Mojocare is said to cook its books. Is this a trend? and which other companies are showing similar signs?

GoMechanic, Now Mojocare

Content Strategist

What happened with Bukuwarung? They just had a layoff

Just read this after getting to know earlier today that one of the cofounders have resigned. Didnt even know that the cofounders never had a stake, they’d just get a salary. Super weird.

Reliance pulls representatives from Dunzo’s board

Not the first nor the last.  Haptik was probably one of the early ones that got arsenic poisoned post Jio acquisition.  Slow slow death.  
  
 Reliance will continue to fiddle around the ecosystem and buy a random set of start ups.  Mukess bhai's fuck-you-money account is a few billions. 250 mil written off makes no difference to his life. 
  
 Start Ups have to learn to get investors on board that have the right intent and roadmap aligned to their vision.  Includes the testicular fortitude to say NO even to Warren Buffet.

Sales Manager

Move comes two months after a deal to be acquired by PhonePe fell through

Zest Money's Lizzie Chapman, other co-founders resign after PhonePe deal fails

ZestMoney Co-Founders Resign

Real Estate

Mojocare fraud out

VC Analyst

Came across this post by a VC - and he mentions a startup that is similar to zilingo and mentions that the startup is ‘pulling similar tricks as Zilingo’ - cooking the books. 

Does anyone have any insight about what is actually happening at Groyyo?

Subtle Dig at Groyyo?

Founder’s Office

They’ve been mentioned in posts here previously, this is just an official update that something was wrong

Anybody knows more of what went on there?

Tiger backed Groyyo will have to shut down its B2B/trading business

This is an after thought from what happened at Mojocare and Gomechanic. 

I too have been at a startup that was upto similar stuff. Was really large at one point, until everyone figured something was off. 

For me, the first year or so I never got a hint of things. But over time, as I became closer and more trusted by the founders, things became quite clear. Creation of invoices for the sake of it, recording transactions that were anyway happening in the offline world, as transactions on the platform. Basically buying invoices by giving back businesses some of the VC capital as incentives. It was all messed up.

I always thought of doing something once I figured it out, but ended up not doing it. My only action was to find new roles, and leave as soon as I could. 
I remember discussing with friends - should I reach out to journalists? The answer we came to was that it's too risky, even if done anonymously. AND, that people we know would lose their jobs if the reality came out.

Eventually, it did come out. More people lost their jobs, because in that 1 year they ended up growing more and hiring more. Maybe if I'd been a whistleblower earlier, a lot of money could have been saved, so many jobs would not be lost.

A thank you to the people who have been braver than I was.

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