Indian authorities have named the co-founders of UK startup Builder.ai in money laundering investigations, the Financial Times reported.
Sachin Dev Duggal is a suspect in a money laundering probe, while Saurabh Dhoot is accused in a loan fraud case, the UK newspaper reported, citing court documents in India.
Microsoft and SoftBank’s DeepCore AI-focused fund are among some of the world’s biggest tech investors in London-based Builder.ai.
Founded in 2016 as Engineer.ai, the company aims to use artificial intelligence to build apps and websites. Duggal and Dhoot met at their university, where they became friends, the report said.
During Builder.ai’s early days, the two co-founders appeared to work closely. After the startup secured new funding in 2018, Duggal publicly expressed gratitude to Dhoot following what he described as “the most defining week of our life” before thanking their spouses.
In 2023, the startup announced $250 million from investors led by Qatar’s sovereign wealth fund along with US technology investors Insight Partners and Iconiq Capital.
Duggal, a British citizen, is Builder.ai’s chief executive and has become one of the most lauded entrepreneurs in London’s tech scene, the FT reported. In November 2023, EY honoured him as the UK Entrepreneur of the Year.
Earlier in 2023, the Enforcement Directorate named Duggal as a suspect in a money laundering investigation into Videocon, which went bankrupt in 2018, the report added, citing court documents.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
