Builder.ai, DailyHunt Parent VerSe Faked Revenue From Sham Deals as Part of ‘Round-Tripping’: Report

Builder.ai, DailyHunt parent VerSe faked revenue from sham deals as part of ‘round-tripping’: Report

Builder.ai reportedly received nearly $60 million in revenue from VerSe over 4 years for services such as app development.

Builder.ai faked business with Indian firm VerSe to inflate sales: Sources

Builder.ai, facing bankruptcy, allegedly inflated sales figures by engaging in "round-tripping" with VerSe Innovation, billing each other for similar amounts without actual services rendered. Documents suggest this practice occurred between 2021 and 2024 to deceive investors. VerSe co-founder Umang Bedi denies these allegations, while Builder.ai has declined to comment on the matter.

Report alleges DailyHunt parent and Builder.ai involved in fraudulent billing, both firms deny - The Tech Portal

VerSe Innovation (the parent company of Dailyhunt and Josh) is currently under scrutiny following allegations of financial misconduct involving London-based AI startup Builder.ai. According to a report by Bloomberg, both companies engaged in a practice known as ’round-tripping’, wherein they allegedly issued invoices to each other for services that were not actually provided. This trick allegedly aimed to inflate their respective revenue figures…