- ByStartupStory | March 22, 2024
London-based tech startup Builder.ai’s co-founders have been embroiled in legal controversies in India, with allegations of money laundering and loan fraud surfacing against them, as reported by the Financial Times.
According to court documents in India, Sachin Dev Duggal, the CEO of Builder.ai, has been identified as a suspect in a money laundering investigation, while his co-founder Saurabh Dhoot faces accusations in a loan fraud case.
The roots of Builder.ai trace back to its inception in 2016 under the name Engineer.ai, with the ambitious goal of leveraging artificial intelligence to streamline the process of app and website development. Duggal and Dhoot, who initially met at university and developed a close friendship, spearheaded the company’s journey.
Throughout the startup’s evolution, the two co-founders appeared to share a strong bond, evident from public expressions of gratitude and acknowledgment. Notably, in 2018, following a significant funding round, Duggal publicly thanked Dhoot, attributing the success to their collective effort and support from their spouses.
Builder.ai garnered attention from prominent tech investors worldwide, including Microsoft, SoftBank’s DeepCore AI-focused fund, and Qatar’s sovereign wealth fund. In 2023, the company announced a substantial $250 million investment led by Insight Partners and Iconiq Capital, alongside Qatar’s sovereign wealth fund.
Despite Builder.ai’s success and Duggal’s recognition as a leading entrepreneur in London’s tech ecosystem, allegations have tarnished his reputation. In November 2023, he was honored as the UK Entrepreneur of the Year by EY. However, earlier that year, the Enforcement Directorate named Duggal as a suspect in a money laundering investigation linked to Videocon, a company that faced bankruptcy in 2018.
