Three Charged in Plot to Boost Firm Value Before SPAC Deal

Three men were indicted for allegedly conspiring to fraudulently boost the value of data-insight company Near Intelligence Inc. before it was acquired by a blank check firm in 2022.

Federal prosecutors in New York on Thursday unsealed charges against the company’s founders for allegedly exchanging fake invoices and inflated payments with a mobile-advertising firm, to make Near Intelligence’s revenue appear more than 10 times higher than it actually was.