Singapore-based B2B fashion startup Zilingo has sacked its Indian-origin co-founder and CEO Ankiti Bose following a forensic audit into allegations of financial irregularities. “Following an investigation led 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 company said in a statement on Friday, May 20.
Calling it a “witch-hunt”, Bose has vowed to fight back legally. “Any report that comes out post my termination would be vitiated as it seems to be instructed by conflicted parties and we will pursue our rights against this witch-hunt to the full extent of the law. I will be speaking on record shortly with more details about the conflicts of interest in the manner this process was run,” she wrote on Instagram.
Bose was earlier suspended by the company on March 31 over alleged discrepancies in the company accounts. "I was suspended on the basis that the company had instructed Kroll to investigate the complaint. I have neither seen the Kroll nor Deloitte reports and not been given sufficient time to produce any documents requested by them,” she had said.
Zilingo said Bose made certain harassment-related allegations only after she was suspended on March 31, and a probe has established that the company took necessary action. "On April 11th, after her suspension on March 31, Ankiti Bose brought to the board's attention, for the first time, certain harassment-related issues pertaining to past time periods, which did not include any harassment complaints against investors or their nominees," it said.
Sequoia Capital India and Temasek Holdings Pte backed Zilingo had stated on May 2 that the decision to suspend Bose over alleged discrepancies in the company’s accounts was taken jointly by the board and not by any individual investor.
Zilingo, which supplies technology to apparel merchants and factories, had raised $226 million in its last funding round in 2019.