Bengaluru Startup CEO Claims Ex-Employee Stole Passport with US Visa After Mass Layoffs

Bengaluru startup CEO alleges ex-employee stole his passport with US Visa following mass layoffs: Check details

Saarthi AI, a Bengaluru-based startup, is grappling with multiple issues, including allegations of unpaid salaries and a claim from its CEO, Vishwa Nath Jha, that a former employee stole his passport containing a US visa. The CEO's claim adds a new layer to the company's ongoing financial struggles, which began with mass layoffs aimed at achieving profitability. Despite Jha's denials and efforts to resolve the company's financial issues, former employees report they have not received their salaries for over a year.Bengaluru-based Saarthi AI, an artificial intelligence startup, is navigating through a storm of financial and legal troubles. After mass layoffs aimed at achieving profitability last year, the company now faces allegations of unpaid salaries and a bizarre claim from its CEO about a stolen passport. In September 2022, Saarthi AI implemented significant layoffs to address financial challenges and move towards profitability. As per Entrackr, Founder and CEO Vishwa Nath Jha attributed these layoffs to "investor pressure" and the company's urgent need to stabilize its finances. However, the decision to cut staff has led to ongoing issues. Since March 2023, several former employees have accused Saarthi AI of withholding their salaries. Jha has consistently denied these allegations, calling them a "defamation campaign" against the company. He asserts that no salaries have been withheld and insists that the company is working diligently to resolve any financial discrepancies. Adding to the company's woes, Jha recently claimed that a senior employee stole his passport, which included a crucial US visa. This theft, according to Jha, has prevented him from traveling abroad to secure new funding for Saarthi AI. "While I managed to reissue a new passport, I am yet to get the US visa again. It's a long queue," Jha told Entrackr, a tech news website. Current and former employees of Saarthi AI present a different narrative. They report that over 50 employees are still awaiting their salaries, with some legal notices remaining unanswered. One anonymous ex-employee shared their frustration, stating, "The founder has been unresponsive and even mentioned that he doesn't owe us any explanation on multiple occasions." Jha has also admitted that the company failed to deposit Tax Deducted at Source (TDS) for its employees over the past two fiscal years. Despite these admissions, he remains hopeful. "We are working hard to become operationally cash flow positive by Q2 of 2024," Jha explained. He also emphasized that Saarthi AI is actively seeking new investments to address its outstanding debts and liabilities.

Bengaluru CEO's passport with US visa stolen by ex-employee after mass layoffs

Bengaluru-based startup Saarthi AI's troubles seem to have no end in sight. The company conducted mass layoffs last year in a bid to become profitable, and has allegedly withheld the salaries of several employees since March 2023. Now, the CEO of Saarthi AI claims a former employee stole his passport which had a US visa. Saarthi AI founder and CEO Vishwa Nath Jha told news agency PTI in July that the company had been forced to let go of some employees to become profitable. He blamed "investor pressure" for the layoffs. A report published in Entrackr today adds a fresh twist to the story. Speaking to the tech news website, Jha claimed that a senior employee stole his passport, and that is preventing him from travelling abroad to raise fresh capital for the troubled firm. "While I managed to reissue a new passport, I am yet to get the US visa again. It's a long queue," Jha said. He rubbished allegations of employees' salaries being withheld. Jha said that no salaries have been withheld and the allegations are a ploy to defame the AI startup. "We're planning to fill key positions as it negotiates deals [business] with several banks and NBFCs," he said. Current and former employees of the company, however, have a different story to tell. The mass layoffs carried out in September last year reduced Saarthi AI's workforce to 40 employees. Entrackr talked to about a dozen employees who all said they have yet to receive their pending salaries. "The firm has been holding salaries of more than 50 employees for over a year now and even didn't reply to legal notices. The founder has been unresponsive and even mentioned that he doesn't owe us any explanation on multiple occasions," said a former employee requesting anonymity. Bengaluru-based Vishwa Nath Jha did admit that the company had not deposited TDS on behalf of employees for the last two fiscal years. "The startup is still not generating surplus cash to clear long-standing dues. We have been transparent in our communications with the concerned ex-team members. We are working hard to become operationally cash flow positive by Q2 of 2024 to sustain company operations and support our current team members. Additionally, Saarthi.ai is actively in talks with investors to raise fresh capital to address outstanding debts and liabilities," said Jha.

Amid mass layoffs, Bengaluru CEO says fired employee stole his...

Saarthi AI founder and CEO Vishwa Nath Jha claims his passport was stolen by a former employee, who was laid off by the company. In a bid to become profitable, Saarthi AI, a Bengaluru-based startup conducted mass layoffs last year and has allegedly withheld the salaries of many employees since March 2023. Now, Saarthi AI's CEO claims his passport with a US visa was stolen by a former employee, who the company laid off. In July, Vishwa Nath Jha, the founder and CEO of Saarthi AI, informed news agency PTI that the company had to fire some staff to turn a profit. The layoffs were caused by "investor pressure," he said. A report released today in Entrackr gives the narrative a new angle. Speaking to the tech news website, Jha stated that he is unable to travel overseas to raise additional funding for the struggling company since a top employee seized his passport. "While I managed to reissue a new passport, I am yet to get the US visa again. It's a long queue," Jha said. Jha said that Saarthi AI hasn't deposited TDS on behalf of its workers for the last two fiscal years, adding to the number of complaints. He expresses optimism despite these disclosures, saying the company aims to turn a profit by the second quarter of 2024. Jha added that the business is actively looking for additional funding to help with its financial difficulties. Saarthi AI is currently facing a difficult situation: its creator is unable to travel, its workforce is uncertain, and the company is struggling to survive. It remains to be seen if they can turn things around, but one thing is for sure: this is a tech tale that is far from finished.

Meet Indian CEO who carried out mass layoffs, fired employee takes revenge by stealing...

Allegations of unpaid salaries have emerged, with former and current employees claiming they have been waiting for their dues for over a year. Saarthi AI, a Bengaluru-based startup that once promised innovation and growth, now finds itself mired in controversy and financial instability. The latest twist in this dramatic saga involves the company's CEO, Vishwa Nath Jha, who alleges that his passport -- complete with a coveted US visa -- was stolen by a former employee. This startling claim comes at a time when Saarthi AI is grappling with multiple crises. Last year, the company made headlines for laying off a significant portion of its workforce, a move Jha justified as necessary for financial survival amidst investor pressure. However, the layoffs marked only the beginning of the company's troubles. According to Jha, the theft of his passport has further complicated the startup's situation. With the stolen US visa, Jha's ability to travel abroad and secure essential funding for Saarthi AI has been severely hindered. Though he has obtained a new passport, acquiring a new US visa is proving to be a lengthy and frustrating process. The controversy doesn't stop at the missing passport. Reports suggest that Saarthi AI's financial practices have been far from smooth. Allegations of unpaid salaries have emerged, with former and current employees claiming they have been waiting for their dues for over a year. These claims have been accompanied by reports of unaddressed legal notices and unresponsive management. Adding to the company's woes, Jha has admitted that Saarthi AI failed to deposit tax deductions at source (TDS) for the past two fiscal years. Despite these admissions, Jha remains hopeful about the future, stating that the company aims to achieve positive cash flow by the second quarter of 2024 and is actively seeking new investment. As Saarthi AI navigates this storm, the questions surrounding the stolen passport and financial mismanagement cast a long shadow over its future. Whether the company can rebound from these setbacks and restore its reputation remains uncertain. For now, Saarthi AI's story is one of turmoil and suspense, with no clear resolution in sight.

Employee stole Bengaluru CEO's passport with valid US visa following layoffs

Saarthi AI, a Bengaluru-based startup, appears to be in deep difficulties. In an effort to become profitable, the corporation made massive layoffs last year, and numerous employees' salaries have allegedly been withheld since March 2023. Saarthi AI, a Bengaluru-based startup, appears to be in deep difficulties. In an effort to become profitable, the corporation made massive layoffs last year, and numerous employees' salaries have allegedly been withheld since March 2023. Now, the CEO of Saarthi AI claims that a former employee took his passport, which had a US visa. Vishwa Nath Jha, founder and CEO of Saarthi AI, told news agency PTI in July that the company had to lay off some staff in order to become successful. He cited "investor pressure" as the reason for the layoffs. Credit: Canva | Jha said that a top employee took his passport A study published in Entrackr today adds a new aspect to the story. Speaking with the tech news website, Jha said that a top employee took his passport, preventing him from travelling abroad to secure additional funding for the struggling company. "While I was able to reissue a new passport, I have yet to obtain a US visa again. "There's a long line," Jha added. He denied reports that employees' salaries were being withheld. Jha claimed that no salaries have been withheld and that the allegations are an attempt to smear the AI business. "We're planning to fill key positions as it negotiates deals [business] with several banks and NBFCs," according to him. As per reports, current and former employees of the organization, however, have contrasting stories to tell. The huge layoffs that occurred in September of last year decreased Saarthi AI's employment to 40 personnel. Entrackr spoke with approximately a dozen employees, all of whom indicated they had yet to receive their outstanding salaries. What do you think about this? Tell us in the comments.

After laying off 70% employees, AI startup CEO claims not able to go to the US to raise funding as employee stole passport with US visa - Times of India

Deeptech startup Saarthi.ai has encountered significant difficulties over the past year, failing to pay overdue salaries to both former and current employees. The company has also reduced its workforce by over 70%. According to Entrackr, Saarthi.ai's staff has decreased from 140 to 40 since March 2023, with many employees still awaiting their salaries.Additionally, the firm has not remitted tax deducted at source (TDS) to the government for the past two fiscal years. In July 2023, a PTI report highlighted the layoffs and pending dues without providing extensive details. CEO Vishwa Nath Jha assured that pending salaries would be cleared within three months. Salaries not paid despite legal notices A former employee, speaking anonymously, stated that the company has withheld salaries for over 50 employees for more than a year and has not responded to legal notices. The founder has reportedly been unresponsive and claimed he owes no explanations. Addressing allegations of deliberately delaying salaries, Jha denied the claims, suggesting they are attempts to defame the company. He mentioned plans to fill key positions as the company negotiates deals with several banks and NBFCs. Jha also alleged that a former senior employee stole his passport with a US visa, hindering his ability to travel for fundraising. He has since reissued his passport but is still waiting for a new US visa. Jha claimed that the startup is not yet generating enough surplus cash to clear long-standing dues. He also admitted that Saarthi.ai had not deposited TDS for the last two fiscal years. He emphasized that the company has been transparent with affected ex-employees and is working to become cash flow positive by Q2 of 2024. Saarthi.ai is also in talks with investors to raise fresh capital to address outstanding debts and liabilities. Founded in 2017 by Jha, Sameer Sinhaa, and Sangram Sabat, Saarthi.ai specializes in conversational AI for low-resource and global languages, including Indic, South Asian, Arabic, and European languages. The Bangalore-based startup has received funding from Kunal Shah's QED Innovation Labs, Capri Global Capital, and Lead Angels Network, among others. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.