- Bidooh’s staff discovered that the co-founders were fraudulent in August 2019.
- The firm asserts that there was no misappropriation of funds.
- Bidooh conducted a successful ICO that fetched £2.43 million in 2018.
Abdul Alim and Shahzad Mughal, the co-founders of Bidooh, a British digital advertising company have admitted to stealing from their company. A report unveiled this news on April 21, noting that the duo stole intellectual property from their firm, intending to sell it to third parties. As a result, they subjected their firm to difficulties. Reportedly, Bidooh created facial analytics software for advertisement purposes after completing a £2.43 million ICO in 2018.
The duo is accused of creating their firm’s clone and selling Bidooh’s data to third parties. Reportedly, Alim and Mughal teamed up in sabotaging their company to prevent sharing their proceeds with other shareholders.
This news comes after Bidooh’s employees discovered suspicious activity from a site dubbed Flydooh in August last year. The staff purportedly believed that Flydooh was using stolen intellectual property from Bidooh. As a result, Bidooh got a court order that allowed its representatives to seize evidence found at the co-founders’ homes.
The duo tried selling Flydooh’s products to Bidooh’s existing clients
After examining the discovered evidence, Bidooh’s representatives found that Alim and Mughal had started their fraudulent activities a few months before discovery. Apart from selling data to third parties, the pair also solicited existing Bidooh partners and clients to buy Flydooh’s products.
Adding fuel to the fire, the duo allegedly exchanged a series of offensive texts against Bidooh shareholders and staff. After the firm presented the obtained evidence in front of a court, Alim and Mughal reportedly admitted to all accusations against them.
While Alim and Mughal stole intellectual property from Bidooh, the firm asserted that they did not misappropriate any funds.
In a Reddit post earlier this year, Bidooh’s representatives said,
“To make it clear and in the interests of transparency there have been no misappropriation of funds in the business. All funds spent within the business have been for the management of the ICO, software development and client growth.”
Bidooh’s faint connection to crypto
As aforementioned, Bidooh came to be after running a successful ICO in 2018. The firm’s promotional pitch depended heavily on the credentials of Manchester United FC’s, Michael Edelson. The firm created DOOH tokens, which the firm intended to use as rewards for watching ads. While the ICO performed well, the DOOH tokens never got listed on any centralized crypto exchange. The current Bidooh website mentions neither the DOOH token or blockchain technology.
Do you think Bidooh’s tenuous connection to crypto could attract unwanted regulatory scrutiny? Share your thoughts in the comment section below.