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iLearning Engines Executives Charged with $1.5B Fraud

4/21/2026

Summary

Story summary

The U.S. Department of Justice (DOJ) charged Harish Chidambaran (CEO) and Farhan Naqvi (CFO) of iLearning Engines with securities and wire fraud.
The company, valued at $1.5 billion, allegedly faked customer relationships and revenues since January 2019.
Chidambaran reportedly earned over $500 million in stock and a $700,000 salary.
The FBI reported over 22,000 AI fraud complaints in 2025, with losses reaching $900 million, up 33% from the previous year.

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Story summary

The U.S. Department of Justice (DOJ) charged Harish Chidambaran (CEO) and Farhan Naqvi (CFO) of iLearning Engines with securities and wire fraud.
The company, valued at $1.5 billion, allegedly faked customer relationships and revenues since January 2019.
Chidambaran reportedly earned over $500 million in stock and a $700,000 salary.
The FBI reported over 22,000 AI fraud complaints in 2025, with losses reaching $900 million, up 33% from the previous year.