US tech fraud: 1 Indian-origin entrepreneur sentenced, another arrested

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By Arul Louis
New York, Aug 26 |
An Indian-origin tech entrepreneur has been sentenced for fraud and another has been arrested in a separate case, according to the Justice Department.

Manish Lachwani, the co-founder of Headspin, was arrested on Tuesday and charged with securities fraud, Stephanie Hinds, the acting federal prosecutor in San Francisco announced on Wednesday.

Prosecutors alleged that he exaggerated the company’s revenues while it was seeking investments in the startup when he served as its CEO.

This caused the company’s valuation to jump to $1.1 billion but it dropped to $300 million when the overstatement of the revenue was discovered, prosecutors said in their complaint.

Before the discrepancy was found, investors had already made investments in the company, according to the prosecutors.

Headspin bills itself on its website as “the world’s first Digital Experience AI (artificial intelligence) Platform.”

It said the company offers “global testing, performance monitoring, and QoE (quality of experience) management platform to help organisations assure optimal digital experiences across mobile and web delivery channels.)

Mukund Mohan, who acknowledged on his Twitter feed that “I am (likely) the world’s most stupid person,” was sentenced to two years in prison by a federal judge for fraudulently getting $1.8 million in government aid to help companies affected by the Covid-19 crisis, the department said on Tuesday.

He had admitted in March before a federal judge to the fraud.

He was accused of filing fake documents claiming to have dozens of employees at a company called Mahenjo Inc for whom he had paid millions in wages as well as taxes while the company had no employees or business activity.

He also claimed to have other companies and filed eight applications for federal Covid-19 relief loans totalling $5.5 million, but only five had been approved and he had collected only $1.8 million.

According to his LinkedIn biodata, he had worked in senior positions with Microsoft and Amazon, but he had left the companies several years ago.

He described himself as an “investment literacy coach” on his website and his Twitter feed provided a steady stream of business news till Tuesday night.

Source: IANS

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Does MBA really help in getting a better job offer ?

Does MBA really help in getting a better job offer ?

Most students pursuing an MBA come with the sole objective of having a decent job offer or a promotion in the existing job soon after completion of the MBA. And most of them take loans to pursue this career dream. According to a recent survey by education portal Campusutra.com  74% MBA 2022-24 aspirants said they would opt for education loans.

There are exceptional cases like those seeking master’s degree or may have a family business to take care of or an entrepreneurial venture in mind. But the exception cases are barely 1%. For the rest 99%, a management degree is a ticket to a dream job through campus placements or leap towards career enhancements. Stakes are high as many of them quit their jobs which essentially means loss of 2 years of income, apprehension and uncertainty of the job market. On top of that, the pressure to pay back the education loans. Hence the returns have to be high. There is more than just the management degree. Colleges need to ensure that they offer quality management education which enables them to be prepared for not just the demands of recruiters and for a decent job but also to sustain and achieve, all along their career path.

  • So, what exactly are the B Schools doing to prepare their students for the job market and make them industry ready ?
  •  Are B schools ready to deliver and prepare the future business leaders to cope up with the disrupted market ?  

These are the two key questions every MBA aspirant needs to ask, check and validate before filling the MBA application forms of management institutes. And worth mentioning that these application forms do not come cheap. An MBA aspirant who may have shortlisted 5 B Schools to apply for, may end up spending Rs 10,000.00 to Rs 15,000.00 just buying MBA / PGDM application forms.

While internship and placements data of some management institutes clearly indicates that recruiters today have specific demands. The skill sets looked for are job centric and industry oriented. MBA schools which have adopted new models of delivery and technology, redesigned their courses, built an effective evaluation process and prepared the students to cope with the dynamic business scenario, have done great with campus placements despite the economic slow down.

However, the skill set being looked for by a consulting company like Deloitte or KPMG may be quite different from FMCG or a manufacturing sector. Institutes need to acknowledge this fact and act accordingly.

  • Management institutes should ensure that students are intellectually engaged, self motivated and adapt to changes fast. In one word ‘VUCA ready’.
  • B Schools should encourage students to participate in national and international competitive events, simulations of business scenarios.
  • Institutes should have the right mix of faculty members with industry exposure and pure academics.

The placement records of 2021 across top management institutes indicated the fact that recruitment is happening, skilled talent is in demand and certain management institutions continued to attract recruiters even in the middle of an ongoing crisis.

It is time, all management institutes rise to the occasion, understand market realities and identify areas of improvement at both ends – students and faculty.

After all, the stakes are high at both ends. B Schools taking corrective measures will stay while those which are lagging will end up shutting down.

Author Name : Nirmalya Pal

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