Anil Mathews; Rahul Agarwal; Kenneth M. Harlan; and MobileFuse, LLC
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26469 / January 27, 2026
Accounting and Auditing Enforcement No. 4583 / January 27, 2026
Securities and Exchange Commission v. Anil Mathews, Rahul Agarwal, Kenneth M. Harlan, and MobileFuse, LLC, No. 1:26-cv-00693 (S.D.N.Y. filed Jan. 27, 2026)
SEC Charges Three Former Executives and New York Company in Alleged Financial Accounting and Disclosure Fraud Scheme
On January 27, 2026, the Securities and Exchange Commission charged two former senior executives of Near Intelligence, Inc., a now-defunct global data intelligence company, Anil Mathews, its former Chief Executive Officer, and Rahul Agarwal, its former Chief Financial Officer, for allegedly inflating revenue in a financial accounting and disclosure fraud scheme involving Near’s largest customer, MobileFuse, LLC. MobileFuse and its former Chief Executive Officer, Kenneth M. Harlan, were charged with aiding and abetting the alleged fraud.
The SEC’s complaint alleges that from May 2021 to September 2023, Mathews and Agarwal engaged in a round-trip accounting scheme to overstate Near’s reported revenue by on average 27% for fiscal years 2021 and 2022 and the first two quarters of 2023. According to the complaint, the scheme—which relied, in part, on Near and MobileFuse exchanging grossly inflated invoices, and Near recognizing revenue according to its invoices to MobileFuse—accounted for at least $37.3 million of improperly reported revenue. As alleged, the defendants fabricated documents or made misstatements to conceal the scheme from Near’s independent auditors. Harlan and MobileFuse allegedly provided substantial assistance to Mathews and Agarwal in perpetrating the scheme. The complaint further alleges that Mathews misappropriated over $300,000 from Near to pay for the rental of a luxury single family residence for him and his family and presented false invoices to conceal his misappropriation.
The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Mathews and Agarwal with violations of Section 17(a) of the Securities Act of 1933 and Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 and Rules 10b-5, 13b2-1, and 13b2-2 thereunder, and seeks permanent injunctions, officer and director bars, and civil money penalties against Mathews and Agarwal, and disgorgement together with prejudgment interest from Mathews. The SEC’s complaint charges Harlan and MobileFuse with aiding and abetting Mathews’s and Agarwal’s violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5(b) thereunder, and seeks permanent injunctions and civil money penalties against Harlan and MobileFuse.
The SEC’s investigation was conducted by David S. Brown and Michael Peterson, under the supervision of Diana K. Tani and Laura D’Allaird of the SEC’s Cyber and Emerging Technologies Unit. The litigation will be led by Kathryn C. Wanner, under the supervision of Stephen Kam of the SEC’s Los Angeles Regional Office.
The SEC appreciates the assistance of the United States Attorney’s Office for the Southern District of New York, the Federal Bureau of Investigation, the Australian Securities and Investments Commission, the Banco Central del Uruguay, the Monetary Authority of Singapore, the Banking Commission of the Marshall Islands, the Romania Financial Supervisory Authority, the Central Bank of Ireland, and the Cayman Islands Monetary Authority.