Indian American charged with fraud in the US

Ex-CEO and co-founder of Headspin, Manish Lachwani has been accused of cheating investors.

Indian American charged with fraud in the US
Photo by Hédi Benyounes / Unsplash

Manish Lachwani, 45, an Indian origin, co-founder and former CEO of Headspin, has been detained in the United States and accused of cheating investors out of USD 80 million by inflating the startup's sales and other critical financial metrics.

The Department of Justice (DOJ) quoted, "among other things, Lachwani provided investors with misleading information that inflated Headspin's annual recurring revenue (ARR) — a critical indicator for assessing the performance of firms that deliver "software as a service" — by roughly USD 51 to USD 55 million."