Fashion startup Zilingo fires former CEO Ankiti Bose over financial irregularities

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Fashion startup Zilingo fires former CEO Ankiti Bose over financial irregularities

The Singapore-based B 2 B fashion startup Zilingo has fired former CEO Ankiti Bose over complaints of serious financial irregularities, a company statement said on Friday.

In the statement, Zilingo stated that it reserves the right to take appropriate legal action. Following an investigation by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the company has decided to terminate Ankiti Bose's employment with cause, and reserves the right to pursue appropriate legal action. The complaints did not include any harassment complaints against investors or nominees, according to the company. A top consulting firm was appointed to look into allegations of harassment brought by Ankiti Bose.

The investigation concluded that due process was followed and appropriate action was taken to address the complaints by Bose, contrary to media reports that the suspension and investigation into Ankiti Bose was aimed at suppressing the said harassment claims.

The company said that its board, investors and employees were attacked by fake information along with paid defamatory social media campaigns throughout the time of the investigation. Zilingo said it has caused irreparable damage to the company, its board, investors and employees.

After the recall of loans by debtholders, an independent financial advisor was appointed by the company, which is in the midst of evaluating options for the business.

After Bose was suspended, she sent a legal notice to the company's board levelling accusations of harassment and abuse. The legal notice also slapped charges against Zilingo's co-founder and CTO, Dhruv Kapoor, and its COO, Aadi Vaidya, that the two had not helped her when she first informed them of the harassment she was facing.

On March 31, 2022, Bose was suspended by the Zilingo board after a whistleblower informed the company investors of financial wrongdoings in which Bose was alleged to be involved.