A new lawsuit has been filed by one of the Paulson Puerto Rico entities against Innoveo, Inc., Fahad Ghaffar, and his brother Amir Ghaffar, alleging a pattern of irregularities and overbilling. The lawsuit, brought by AIP PR Holdings, LLC, accuses the Ghaffar brothers and Innoveo management of making false representations to misappropriate funds from Paulson Puerto Rico companies for the benefit of Innoveo.
According to Juan Casillas, John Paulson’s defense attorney, the affected companies made payments totaling $3,081,181.88 to Innoveo without receiving the promised services. This included $894,151 paid by AIP PR between February 2020 and February 2023, which represented a significant increase in software systems expenses for the company. The lawsuit further alleges that Fahad Ghaffar pressured Paulson Puerto Rico entities to enter into contracts with Innoveo for services and application development, despite Innoveo’s alleged lack of experience and capacity.
María Domínguez, another of Paulson’s defense attorneys, stated that Fahad and Amir failed to disclose their interests in Innoveo to the Paulson Puerto Rico companies. The lawsuit also claims that false representations by the Ghaffar brothers led to Paulson PRV Holdings LLC acquiring a minority interest in Innoveo in April 2021, without knowledge of Fahad’s alleged manipulation.
AIP PR is seeking damages and a return of the funds paid to Innoveo, with current estimates pegging the damages at no less than $894,151. The lawsuit highlights further deceit and fraudulent actions that have affected John Paulson’s businesses and others on the island of Puerto Rico.