Singapore: The founder and former chief executive officer of global healthcare technology startup Biofourmis Holdings, Kuldeep Singh Rajput, is set to face criminal charges in a Singapore court in connection with an alleged ₹137-crore financial fraud involving falsified invoices and forged corporate documents. According to local law enforcement authorities, Rajput will be produced before the court on February 4, 2026, where he is expected to be formally charged with falsification of accounts, fraud by false representation, and forgery for the purpose of cheating.
Investigators said the case goes beyond routine corporate non-compliance and points to a deliberate and coordinated effort to manipulate financial records, direct employees to generate fake invoices, and influence banking transactions through misleading documentation. If proven, the case could rank among the most serious corporate fraud prosecutions involving a technology startup in Singapore’s recent history.
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Alleged fake services billed to ministry
According to the police, between August 18, 2021, and February 28, 2022, Rajput allegedly instructed members of his team to prepare invoices falsely claiming that Biofourmis’ Singapore entity had delivered services worth ₹137 crore to a government health ministry. Investigations later revealed that the services mentioned in these invoices were never actually rendered.
Authorities believe these documents were deliberately created to inflate the company’s revenue figures and present a stronger financial position than what existed in reality. The falsified invoices were allegedly incorporated into official accounting records, giving the appearance of large-scale government contracts and steady income streams.
Officials said the alleged manipulation was not limited to internal bookkeeping. The inflated figures were also used to project financial strength to banks, investors and external stakeholders, potentially influencing lending decisions and corporate valuations.
False representations and forged documents
In addition to the fake billing allegations, investigators have accused Rajput of making — and abetting others to make — false financial representations relating to Biofourmis Holdings and its subsidiaries between March and April 2022. These representations are believed to have been used in connection with financial transactions and strategic corporate decisions.
One of the most serious allegations involves the creation of a forged Employee Stock Option Plan (ESOP) offer letter. Police said the document was allegedly fabricated to mislead a bank in relation to a proposed fund transfer. The act, investigators allege, was carried out with the intention of securing financial advantage through deceptive means.
Law enforcement officials noted that such forged documents, when presented to financial institutions, pose systemic risks by undermining trust in corporate disclosures and governance frameworks.
Sudden exit in 2023
Rajput abruptly stepped down as chief executive officer of Biofourmis in August 2023, at a time when the company was undergoing internal restructuring, cost rationalisation and workforce reductions. While no criminal probe was publicly linked to his resignation at the time, investigators now suggest that certain decisions taken at the highest level of management had been under scrutiny for an extended period.
The unfolding case has since raised questions about corporate oversight, internal controls and board-level monitoring during Biofourmis’ rapid expansion phase.
Severe penalties under law
Legal experts said that if Rajput is convicted of fraud by false representation or abetment of such fraud, he could face up to 20 years’ imprisonment per charge, a fine, or both under Singapore law. For offences relating to falsification of accounts and forgery for the purpose of cheating, the maximum punishment could extend to 10 years in prison per count, along with financial penalties.
The case is being closely followed due to the scale of the alleged fraud and the senior corporate position held by the accused.
Wider impact on startup ecosystem
The prosecution comes at a time when Singapore and the broader Asia-Pacific region are tightening scrutiny over corporate governance, financial transparency and investor protection, particularly in high-growth technology and healthcare startups.
Industry observers believe the outcome of the case could serve as a strong cautionary precedent for founders and executives, reinforcing the personal legal accountability of senior leadership for financial misconduct.
With the first court hearing scheduled this week, corporate leaders, investors and regulators alike are watching closely, as the case could shape future enforcement standards and compliance expectations within Singapore’s globally respected startup ecosystem.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
