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March 07, 2005

Report alleges Naveen Jain led InfoSpace fudged revenues and misled investors

The Seattle Times has published a 3-part investigative report alleging InfoSpace executives misled public investors about the company's performance. "InfoSpace's success was an illusion, built on accounting tricks and the hype of charismatic founder Jain," the report says. "The investigation — built on internal company e-mails, confidential documents filed in court and scores of interviews — found that Jain and others created the illusion of revenues with accounting tricks and dubious deals," it adds.

Arun Natarajan is the Editor of TSJ Media, which tracks venture capital activity in India and Indian-founded companies worldwide. View sample issues of TSJ Media's Venture Intelligence India newsletters and reports.