Audit Firm UHY Sued by Near Intelligence Over Ex-SPAC Bankruptcy

A trustee for bankrupt data-insight company Near Intelligence sued public accounting firm UHY LLP, alleging its audits led the company to suffer $400 million in losses.

UHY failed to identify a multiyear revenue scheme between Near Intelligence Holdings Inc. and mobile-advertising firm MobileFuse LLC that inflated the company’s revenue by as much 30% ahead of going public, litigation trustee Drivetrain LLC said in a complaint filed Thursday in the US Bankruptcy Court for the District of Delaware.

UHY negligently misrepresented Near Intelligence’s financial condition by issuing unqualified audit opinions that failed to detect the significant “round-tripping” fraud scheme, the complaint ...