• Source:JND
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TWO MONTHS after levelling serious allegations against Adani Enterprises' involvement in stock manipulation and accounting fraud, the US short-seller Hindenburg Research has launched a fresh attack on Jack Dorsey-led payments firm Block Inc, saying it "widely overstated" its user base.

Block Inc, is an American multinational technology conglomerate which is founded by Dorsey in 2009. Former Twitter co-founder and CEO of Block was left poorer by USD 526 million on March 23, after Hindenburg Research revealed that his digital payment company facilitates fraud against consumers and the government.

"The magic behind $SQ (Block) has not been innovation, but its willingness to mislead investors, facilitate fraud, avoid regulation and dress up predatory products as revolutionary tech," Hindenburg alleged in the report, published on Thursday, ANI reported.

The Hindenburg study stated that it conducted thorough regulatory and litigation record reviews, as well as conducting hundreds of interviews with former partners, workers, and industry experts. The report also claimed Block "wildly overstated" genuine user counts and "understated" customer acquisition costs for years.

On Thursday, Hindenburg accused Dorsey and James McKelvey along with executives, including Chief Financial Officer Amrita Ahuja.

Who Is Amrita Ahuja

- According to Amrita Ahuja's Linkedin profile, she has been with Block Inc for the last four years and three months.

- Ahuja is the current Chief Operating Officer (COO) and Chief Financial Officer (CFO) of Block. She joined the company in 2018 as its CFO, when it was still named Square. Later, she took over as COO after Square rebranded to Block.

- Ahuja said she was drawn to Square because of its focus on empowering small-business owners like her parents.

- According to a report by The Wall Street Journal, Ahuja is the daughter of Indian immigrants who owned a day-care center in a suburb of Cleveland, a city in Ohio.

- She was appointed to the Board of Directors at Airbnb in 2021 and to the Board of Directors at Discord in 2022.

Founded in 2017 by Nathan Anderson, Hindenburg is a forensic financial research firm that analyses equity, credit and derivatives.