Cases
What could be seen before it broke.
We don't publish client work. These are public cases from our research, each set beside the checks that could have surfaced it, in hindsight. Each card carries the codes (C1 to C15) of those checks; open a case to see them named. 483 cases so far.
Drawn from regulator, court and press records cited on each page. Many are allegations or interim orders, not final findings. The parties may contest them. Corrections: hello@kubr.in
Showing India first, to match the market selected at the top of the page. Choose All regions to see every case.
75 of 483 cases · India
India · Fintech NBFC / microfinance2024
RBI bars four lenders from new loans over pricing practices
Navi Finserv, DMI Finance, Asirvad Micro Finance, Arohan Financial Services
RBI cease-and-desist directions (Oct 2024); lifted late 2024 to early 2025
India · Urban co-operative bank2001
RBI cancels licence of Ahmedabad co-operative bank hit by Rs 1,200 crore broker fraud
Madhavpura Mercantile Co-operative Bank Ltd
RBI licence cancelled (4 Jun 2012); bank wound up and liquidator appointed
India · Fintech / payments bank2024
RBI restricted Paytm Payments Bank, then cancelled its licence
Paytm Payments Bank Ltd (One97 Communications associate)
RBI business restrictions (Jan-Feb 2024); licence cancelled (Apr 2026)
India · Finance & Trading2005
Supreme Court upheld rejection of withdrawal from takeover due to embezzlement
Shree Ram Multi Tech Limited
Special audit revealed embezzlement (2006); Supreme Court upheld regulatory action (2013)
India · Textiles2019
SEBI fines Sybly Industries directors over pledged GDR proceeds
Sybly Industries Ltd
SEBI adjudication orders (Mar 2019)
India · Automotive services2023
GoMechanic founders admit financial reporting errors during funding diligence
GoMechanic (Service Mechanic Technology Pvt Ltd)
Founder admission (Jan 2023); investor-commissioned review; no court finding
India · Steel2021
SEBI orders US$13.68m repatriated in Southern Ispat GDR case
Southern Ispat and Energy Ltd
SEBI final order (Oct 2021)
India · Technology1999
SEBI enforcement action for fraudulent preferential allotment and market manipulation
Padmini Technologies Limited
Fraudulent preferential allotment (1999); SEBI order issued (2007)
India · Finance & Broking2008
SEBI penalty for wrongly classifying promoter shareholding as public holding
Sungold Capital Limited
Shareholding violations (2008-2009); SEBI adjudication order issued (2017)
India · Biotechnology2019
SEBI bans ABL Biotechnologies over GDR issue backed by its own pledge
ABL Biotechnologies Ltd
SEBI final order (May 2019)
India · Banking (listed)2004
Global Trust Bank lent heavily to stock market players and was merged into OBC
Global Trust Bank
Merged into Oriental Bank of Commerce (2004)
India · NBFC / IPO, NCD and share financing2024
RBI halts share-backed lending over IPO and NCD financing practices
JM Financial Products Ltd
RBI direction to stop share and debenture financing (Mar 2024); lifted (Oct 2024)
India · Listed IT services company2011
SEBI bars GDR issuer and directors after company funded its own GDR subscription
CAT Technologies Limited
SEBI ad interim order (Sep 2011); final order (3 Apr 2019) with five-year market bar
India / United States · Edtech2024
US court found fraudulent transfer of Byju's US$533m loan proceeds
Byju's (Think & Learn Pvt Ltd / BYJU's Alpha Inc.)
Delaware bankruptcy court rulings (2024-25); Indian insolvency (CIRP) since Jul 2024
India · Cloud / data centres / edtech (NSE Emerge SME)2024
SEBI final order finds sales and data-centre claims unsupported
Varanium Cloud Ltd
SEBI final order (Aug 2026), after interim (May 2024) and confirmatory (Oct 2024) orders: 7-year bar, disgorgement and penalties
India · Real-money gaming (formerly messaging)2025
Hike shut down after India banned real-money gaming
Hike (Rush gaming)
Shutdown (Sep 2025) following a statutory ban
India · Dairy2020
SEBI finds ₹7,574.88 crore misrepresentation at Kwality; CBI case pending
Kwality Ltd
CBI FIR (Sep 2020); SEBI final order (Jun 2024); ED searches (Nov 2024); company in insolvency under the IBC; CBI and ED allegations under investigation
India · Metals trading and investments2012
Preferential allotment proceeds diverted; Supreme Court upholds penalties
Terrascope Ventures Limited
Penalties upheld by Supreme Court (2026); originally imposed (2020)
India · Listed software company2011
SEBI bars GDR issuer for 10 years after it pledged its own GDR proceeds
Maars Software International Limited
SEBI ad interim order (Sep 2011); final order (5 Sep 2017) with 10-year bar
India · Real estate and land development2012
Collective investment scheme refund order upheld; over ₹1900 crore investor claims
Alchemist Infra Realty Limited
SAT final order (2019); refund mandate upheld; company ordered to refund ₹1900+ crore
India · Shipping and logistics2024
SEBI finds about 85% of Seacoast Shipping sales were fabricated
Seacoast Shipping Services Ltd
SEBI final order (Sep 2025) after interim order (Sep 2024)
India · NBFC / real estate lending2019
Real estate lender Altico misses interest payment to Mashreq Bank
Altico Capital India Ltd
Payment default (Sep 2019); ratings cut to default; lender-led debt resolution; no fraud finding public
India · Quick commerce / hyperlocal delivery2025
Dunzo entered insolvency after losses far exceeding revenue
Dunzo (Scootsy Logistics)
NCLT admitted into insolvency (CIRP) (Sep 2025)
India · Stockbroking2001
A Mumbai broker rigged share prices of ten 'K-10' stocks with bank money
Ketan Parekh (K-10 stocks)
Convicted (2008); SEBI ban of 14 years
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How we knowFifteen checks. Each one tested against real failures.
For every check, the number of cases in the casebook where the records held a trace of what it looks for. Each trace is shown on the case page, with its source.
| Check | The question it asks | Cases it would have shown in | Runs in | Where it can mislead |
|---|---|---|---|---|
| C1 Bank credits vs books | Do bank inflows and outflows tie to revenue, receivables and payables in the books, month by month? | 128 of 483 | Financial diligence, Model check, Portfolio monitor, Borrower monitor, Proceeds tracer | AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags. |
| C2 Counterparty tax / GST | Are the top customers and suppliers GST-active and filing, and do their returns mirror the sales and purchases the company claims? | 8 of 483 | Financial diligence, Model check, Portfolio monitor, Borrower monitor, Proceeds tracer | Needs taxpayer consent or GSP access. A registered, filing shell still passes this check, which is why C3 and C4 run beside it. |
| C3 Ownership / related-party links | Is any customer, supplier, lender or payee tied to the promoters through directors, shareholders, addresses, phone numbers, emails or a shared auditor? | 170 of 483 | Verified Snapshot, Financial diligence, Legal diligence support, Promoter profiles, Rating history, Portfolio monitor, Borrower monitor, Proceeds tracer | Nominee directors and offshore layers hide links. Name matching throws up false positives, so every flag shows its evidence path. |
| C4 Counterparty existence | Does each material counterparty exist as a working business? | 59 of 483 | Verified Snapshot, Financial diligence, Valuation context, Proceeds tracer | Real companies can be used as pass-throughs. Existence does not prove a real trade, so C6 and C7 still apply. |
| C5 Document authenticity / direct pull | Was every statement, return and certificate pulled from its source rather than uploaded as a PDF? | 115 of 483 | Financial diligence, IC note | The company can refuse consent, and a refusal is itself a flag. Some banks and co-op banks are not on AA yet. |
| C6 End-use tracing of funds | Where did the raised money or the loan go within 90 days, and did any of it reach promoter-linked parties? | 134 of 483 | Borrower monitor, Proceeds tracer | Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent. |
| C7 Third-party confirmation | Have banks, customers, lenders and landlords confirmed balances and contracts directly to the reviewer? | 189 of 483 | Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass. | |
| C8 Regulatory & litigation records | Are there cases, orders, defaults, insolvency filings or regulatory actions against the company, its promoters or its key counterparties? | 191 of 483 | Verified Snapshot, Legal diligence support, Promoter profiles, IC note, Valuation context, Rating history, Portfolio monitor, Borrower monitor | Court records lag and name spellings vary. A clean record can mean the problem has not reached court yet. |
| C9 Unit economics & burn | Do contribution margin, CAC, payback and burn hold up when rebuilt from verified numbers instead of the company's MIS? | 92 of 483 | Financial diligence, Model check, Valuation context | Cost allocation is a judgement call. Kubr shows its assumptions and lets the user change them. |
| C10 Operating-metric verification | Do the claimed headcount, fleet, stores, units and users match independent traces? | 100 of 483 | Financial diligence, Model check, Portfolio monitor, Proceeds tracer | Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace. |
| C11 Governance signals | Have there been auditor changes or resignations, audit qualifications, KMP churn, pledge increases, or related-party approvals pushed through? | 191 of 483 | Verified Snapshot, Legal diligence support, Promoter profiles, IC note, Valuation context, Portfolio monitor, Borrower monitor | Private companies file late, so these signals are lagging. Kubr uses them to support other flags, not to prove anything alone. |
| C12 Books edit log (Ledger DNA) | Were entries backdated, edited after period close, or edited in a burst before a raise or loan renewal? | 40 of 483 | Financial diligence | Logs can be disabled at database level (auditors qualified this in year one) or tampered with on export. Kubr needs the company to cooperate. |
| C13 Collateral & double pledge | Has the same asset, invoice or receivable been pledged to more than one funder? | 51 of 483 | Verified Snapshot, Legal diligence support, Rating history, Portfolio monitor, Borrower monitor | Pledges made off the registries stay invisible, and vague invoice descriptions are hard to match. |
| C14 Drawing power vs books | Do the quarterly stock and receivables statements filed with banks match the books? | 20 of 483 | Financial diligence, Model check, Borrower monitor | CARO is annual, so the signal comes late. It covers only borrowers above the ₹5 crore limit. |
| C15 Avoidance transactions | For a distressed company: were there preferential, undervalued, fraudulent or extortionate transactions in the look-back window? | 10 of 483 | Only the tribunal decides what counts as an avoidance transaction. Kubr flags candidates and never states a conclusion. |
A check that shows in a case is a hindsight reading of public records. It does not mean the failure was certain to be found in advance.