Former Biofourmis CEO to be charged over alleged fraud and falsified invoices worth US$16.5 million

BT understands the accused to be the healthcare startup’s founder and former chief executive Kuldeep Singh Rajput

[SINGAPORE] The former director and chief executive officer of healthcare startup Biofourmis Holdings is set to be charged in court on Wednesday (Feb 4) for his alleged involvement in a series of financial crimes, Singapore Police Force said in a news release on Tuesday.

The individual will be charged with falsification of accounts, fraud by false representation, and forgery for the purpose of cheating.

The Business Times understands the accused to be the company’s founder and former CEO Kuldeep Singh Rajput, who abruptly stepped down from his position in August 2023.

The accused allegedly instigated his staff to falsify company invoices between Aug 18, 2021, and Feb 28, 2022. These documents purportedly showed that Biofourmis Singapore had rendered services worth almost US$16.5 million to the Ministry of Health.

Furthermore, the police alleged that between Mar 28 and Apr 25 in 2022, Rajput “fraudulently made – and also abetted by instigating the making of – false representations concerning (Bifourmis Holdings) and its subsidiaries”.

He was also alleged to have forged an employee stock option plan offer letter. This act was reportedly carried out for the purpose of cheating a bank in relation to an intended funds transfer.

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Rajput founded Biofourmis in Singapore in 2015 after dropping out of the National University of Singapore, where he was pursuing a PhD in neuroscience. In 2019, he moved the startup’s headquarters to Boston in the US.

After founding the company, Rajput managed to raise funding from some of the biggest names in venture capital, including SoftBank, Sequoia, MassMutual Ventures and Singapore state-linked EDBI.

After stepping down in 2023, he founded another healthtech startup, OutcomesAI, which partnered SingHealth in 2024 to integrate its artificial intelligence (AI) models with the health cluster.

SEE ALSO

Autobahn Rent A Car and 18 other companies, including Shariot (above), owe more than S$300 million to debtors, which include the local banks DBS, OCBC and UOB.

Kuldeep Singh Rajput says: "The rapid advancement of complex reasoning capabilities of AI and real-time voice technologies offer significant potential for enhancing patient engagement in non-diagnostic settings, such as intake, follow-ups, and even clinical trial follow-ups.”

Checks by BT showed that Rajput is still listed as founder and CEO on OutcomesAI’s website.

If convicted of fraud by false representation or abetting such fraud, Rajput faces an imprisonment term of up to 20 years, a fine, or both per charge.

For the charges involving the falsification of accounts or forgery for the purpose of cheating, he faces up to 10 years in prison, a fine, or both for each instance.

Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

Source link