Abdul Alim and Shahzad Mughal, the Co-founders of Bidooh, a British digital advertising company, confessed stealing intellectual property from their own company with the intention of selling it to third-parties, as the company created facial analytics software for use in advertisement, after ending a $3 million initial coin offering (ICO) in 2018.
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On April 20, it has been reported by Prolific North that the two Co-founders were accused of creating a clone of their own company and selling Bidooh’s products to third parties.
However, this was done to avoid sharing revenue with other Bidooh shareholders.
It has been analyzed that in August 2019, Bidooh’s staff discovered suspicious activity from a website named Flydooh, which they believed was using stolen intellectual property from Bidooh.
Likewise, in September 2019, Bidooh obtained an interim order, which granted its representatives the right to seize evidence they found at the Co-founders’ premises.
As the examination of the evidence uncovered, both of them began executing their fraud several months prior. They engaged with existing Bidooh partners and clients in order to sell through the cloned company.
They also, reportedly, exchanged a series of offensive messages against other Bidooh stakeholders and employees. Once the evidence was presented, the two Co-founders appear to have deemed further court disputes futile and admitted to all claims against them.
It has also been analyzed that Bidooh launched its own token (DOOH) in October 2018, after conducting an ICO that collected about $3 million.
While the ICO itself was relatively successful, the DOOH token was never listed in any centralized exchange, as the current Bidooh website makes no mention of either the token or blockchain technology in any form.
As per the report, the project’s silence was caused by the legal proceedings against the two Co-founders.
Thus, the announcement stated that there was “no misappropriation of funds in the business.”
Source: Cointelegraph | Image: Pixabay