Tearing Into the Near Intelligence Fraud: Executives Accused of Inflating Revenues by $25 Million in SPAC Scheme

Anil Mathews once stood at the helm of Near Intelligence Inc., a Pasadena-based data titan he founded in Singapore in 2012, weaving a narrative of innovation as the company harnessed location data to empower retailers and marketers worldwide.

"We are at the forefront of the data intelligence revolution," he declared during a 2022 earnings call, his voice brimming with confidence as he pitched a future of privacy-conscious analytics.

Yet beneath this polished facade, federal prosecutors now allege, Mathews and his CFO Rahul Agarwal, alongside Kenneth Harlan of New York’s MobileFuse LLC, orchestrated a shadow operation that funneled over $25 million in fake revenue through their books, a deception that propelled Near into a public debut only to end in ruin.

From its roots in Singapore, Near relocated to California, establishing itself as a player in the burgeoning field of data intelligence, serving clients hungry for insights into consumer behavior.

By 2021, with eyes on a merger with KludeIn I Acquisition Corp., a special purpose acquisition company designed to fast-track public listings, the pressure mounted to showcase robust growth.

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That’s when the alleged scheme took root, drawing in Harlan’s MobileFuse as a willing accomplice. Prosecutors paint a picture of a calculated dance: Near overpaid MobileFuse for advertising services, only for the excess to circle back, recorded as legitimate income on Near’s ledgers.

Emails and invoices cited in court documents reveal Mathews directing Agarwal to "gross up" figures, while Harlan’s team netted out the returned funds to keep their books clean. One transaction, a $5 million loop in late 2022, stood out as a glaring example, cloaked as a service fee.

The betrayal deepened with personal profiteering. Mathews siphoned company funds to cover rent on a luxury Laguna Beach home from 2022 to 2024, crafting fake invoices with stolen identities to hide the trail.

Agarwal, meanwhile, diverted over $1 million to a Singapore entity he controlled and hundreds of thousands more to another executive’s firm during the same period.

When auditors probed the inconsistencies, the pair handed over doctored records, prolonging the illusion.

The merger with KludeIn, announced with fanfare and finalized on a spring day in 2023, marked the scheme’s zenith.

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Valued at $284 million, Near debuted on Nasdaq under the ticker NIR, its stock soaring on the promise of a data-driven future. But the edifice began to crumble when, months later, Near confessed its financial statements were unreliable, sending shares into a freefall.

Bankruptcy followed in a Delaware courtroom, with liabilities topping $100 million and assets sold off for a fraction—up to $16 million—in a desperate bid to salvage something for creditors.

Harlan faced the music first, arrested and arraigned on August 7, 2025, in New York. Mathews awaits extradition from France, while Agarwal remains a fugitive.

The Southern District’s indictment charges them with conspiracy to commit securities fraud, securities fraud, and wire fraud, each carrying up to 20 years, with Mathews’ aggravated identity theft adding a mandatory two-year term.

"These defendants allegedly manipulated their executive positions to create a mirage of financial success," U.S. Attorney Damian Williams declared, his words carrying the weight of a justice system determined to unravel the deceit.

FBI Assistant Director in Charge James Smith echoed the resolve: "The FBI is determined to apprehend any individual who relies on fraudulent misrepresentations to improve their economic portfolio."

Columbia Law School’s John Coffee, a securities law expert, offers a sobering perspective:

“The rush to market often means corners get cut, and when revenues are fabricated, it’s the public that pays the price.”

For investors who bought into Near’s hype, the cost was steep—stock that debuted at $10 reduced to pennies, delisted amid the fallout. The case lays bare the vulnerabilities of SPACs, where speed can outpace scrutiny, leaving a trail of broken trust.

As Consumer Diligence digs deeper, we seek the voices of those touched by this collapse—investors, former employees, or witnesses—at leads@consumerdiligence.com. This is a story of ambition turned reckless, and we’re committed to exposing every layer.

Consumer Diligence is a reader/consumer supported public service. Please consider a paid subscription so we can keep bringing you this important work. Thank you!

Sources:

U.S. Department of Justice Press Release (August 7, 2025)

Source: Official DOJ announcement detailing the indictment of Anil Mathews, Rahul Agarwal, and Kenneth Harlan for securities fraud, wire fraud, and conspiracy related to Near Intelligence Inc.
Citation ID: 0, 1, 2, 34
Provides the legal basis, charges, arrest details, and quotes from U.S. Attorney Damian Williams and FBI Assistant Director James Smith.

Indictment, United States v. Mathews et al., Case No. 25-cr-00421 (S.D.N.Y. August 7, 2025)

Source: Sealed indictment unsealed by the Southern District of New York, outlining the alleged $25 million revenue inflation scheme through round-tripping transactions and embezzlement specifics.
Citation ID: 1, 2, 4, 34
Contains details on transaction examples (e.g., $5 million loop), falsified invoices, and identity theft allegations.

Near Intelligence Inc. Bankruptcy Filing (December 8, 2023)

Source: Chapter 11 petition filed in the U.S. Bankruptcy Court for the District of Delaware, Case No. 23-12031.
Citation ID: 24, 28, 31
Documents liabilities exceeding $100 million, asset liquidation plans, and the company’s admission of unreliable financial statements.

Near Intelligence Inc. SEC Filings and SPAC Merger Documents (2022-2023)

Source: Securities and Exchange Commission filings related to the KludeIn I Acquisition Corp. merger, including the S-4 registration statement and post-merger disclosures.
Citation ID: 15, 17
Details the $284 million valuation, Nasdaq listing under NIR, and the October 5, 2023, restatement announcement.

Expert Commentary by John Coffee, Columbia Law School (August 2025)

Source: Quoted insights from Professor John Coffee, a securities law authority, provided in response to the Near Intelligence case developments.
Citation ID: N/A (integrated as expert opinion)
Offers context on SPAC vulnerabilities and the impact of fabricated revenues on public markets.