Indian gubernatorial candidate in dock

DETROIT, MI — Avomeen Holdings has filed a lawsuit in the US District Court in Detroit, Michigan, against Indian American gubernatorial candidate Shri Thanedar.

Avomeen claimed Thanedar made fraudulent and misleading claims to inflate the value of a company he sold in 2016 that banked the candidate about $20 million.

The parent company of Avomeen Holdings, High Street Capital, purchased a controlling stake in the Avomeen chemical testing business.

The complaint alleges the Ann Arbor, Mich.-based Democrat and entrepreneur misrepresented his company’s monthly income streams and personally directed employees to smooth over volatile revenue growth in the months leading up to the sale.

Thanedar is also accused of instructing bookkeeping staff to back-date invoices so revenue could be recognized in prior months to suggest a more stable income stream.

Attorneys allege he violated the federal Securities Exchange Act of 1934, the Michigan Uniform Securities Act, the Delaware Securities Act, common law fraud and breach of contract.