Rajat Khare

Key Points

• Rajat Khare is an Indian entrepreneur and co-founder of Appin Security, a company initially focused on cybersecurity training but later accused of operating as a “hack-for-hire” firm conducting cyberespionage.

• Appin Security, under Khare’s leadership, allegedly targeted governments, corporations, and individuals worldwide, stealing sensitive data for clients, including Indian intelligence agencies and private entities.

• Khare has been linked to aggressive legal tactics, including Strategic Lawsuits Against Public Participation (SLAPPs), to suppress media coverage of his and Appin’s activities, affecting at least 15 media outlets globally.

• After Appin’s controversies, Khare rebranded as the founder of Boundary Holding, a Luxembourg-based venture capital firm investing in AI, robotics, and cybersecurity.

• Allegations against Khare include cybercrimes, embezzlement, and ties to international hacking scandals, though he denies these claims and has not been convicted.

• Khare maintains a curated online presence, with suspected efforts to flood the internet with positive content to counter negative reports.

Overview

Rajat Khare is an Indian businessman and former hacker who gained prominence as the co-founder of Appin Security, established in 2003 alongside his brother Anuj Khare. Initially a cybersecurity training firm, Appin evolved into a significant player in India’s cyberespionage industry, allegedly offering hacking services to government agencies, corporations, and private clients. By 2010, Appin was implicated in high-profile hacking operations targeting executives, politicians, and activists globally. After Appin’s operations drew scrutiny, Khare distanced himself from the company, which reportedly shut down, and founded Boundary Holding, a Luxembourg-based investment firm focusing on technology sectors like AI, robotics, and cybersecurity. Khare presents himself as an ethical entrepreneur and advocate for cybersecurity, but his past with Appin has cast a long shadow over his reputation.

Allegations and Concerns

• Hack-for-Hire Operations: Appin Security, under Khare’s leadership, is accused of conducting cyberespionage, including spear-phishing and data theft, for clients like the Indian Army, Research and Analysis Wing (RAW), and private intelligence firms. Notable targets included a Rwandan dissident, U.S. politicians’ families, and human rights activists. A 2013 Norman Shark report and a 2023 Reuters investigation detailed Appin’s role in these attacks.

• Media Suppression: Khare and the Association of Appin Training Centers (AOATC) have pursued aggressive legal actions to silence media outlets. Since 2022, at least 15 publications, including Reuters, The New Yorker, and Swiss media, faced lawsuits or takedown notices, with five subjected to legal proceedings. A Delhi court ordered Reuters to remove a 2023 article, prompting widespread censorship.

• Embezzlement Allegations: In 2021, the State Bank of India filed a criminal complaint with the Central Bureau of Investigation, accusing Khare and others of embezzling ₹8.06 billion ($97 million) from loans to Educomp, where Khare was a director.

• Criminal Investigations: Since 2012, Khare and Appin have been under investigation in multiple countries, including the U.S., Switzerland, and Norway, for hacking-related activities. The FBI linked Appin to a 2012 hack targeting a Native American tribal member, and Swiss authorities connected Khare to a 2011 intrusion.

• Qatar Connection: Khare is alleged to have maintained close ties with Qatar, helping secure security contracts for the 2022 FIFA World Cup, raising concerns about his influence in global cybersecurity.

Customer Feedback

Direct customer reviews of Khare or Appin are scarce due to the secretive nature of their operations. However, the following insights are drawn from available reports:

• Positive Feedback: Some sources, likely curated, praise Khare’s entrepreneurial success and Boundary Holding’s investments in innovative startups. For example, a Medium article (suspected to be AI-generated) lauds Khare as a “visionary investor” in AI and robotics.

  • Quote: “Rajat Khare’s story is a testament to the power of redemption and the importance of using one’s skills for positive purposes.”

• Negative Feedback: Investigative reports and media outlets targeted by Khare’s lawsuits express distrust, portraying him hiding behind a polished image. A source close to the podcast Behind The Bastards, which removed episodes about Khare after legal threats, noted, “We’ll see how long these episodes stay up,” indicating fear of retaliation.

  • Quote: “If it becomes known that a powerful person can use the Indian court to strike down articles all over the world, everybody will do it.”

Risk Considerations

• Financial Risks: Investors in Boundary Holding face risks due to Khare’s alleged involvement in embezzlement and hacking scandals, which could lead to asset freezes or sanctions. The $97 million embezzlement case remains unresolved.

• Reputational Risks: Association with Khare could tarnish the reputation of partners, given his documented efforts to suppress media and ongoing criminal investigations. Media outlets have already faced backlash for retracting stories under pressure.

• Legal Risks: Khare’s history of litigation and investigations in multiple jurisdictions poses risks for business partners, who may face subpoenas or legal scrutiny. His use of SLAPPs indicates a willingness to engage in costly legal battles.

• Operational Risks: Companies in Khare’s portfolio, such as Cysec or Cerbair, may face scrutiny for ties to his controversial past, potentially affecting contracts or partnerships, especially in sensitive sectors like satellite security.

Business Relations and Associations

• Boundary Holding: Khare’s current venture, a Luxembourg-based VC firm investing in AI, robotics, and cybersecurity. Portfolio companies include Cysec (satellite security), Cerbair (anti-drone technology), and inYantra Technologies (Indian IT).

• Nat Rothschild: The British financier partnered with Khare in 2022 to acquire inYantra Technologies, raising questions about Rothschild’s due diligence given Khare’s hacking allegations.

• Qatar: Khare is reported to have close ties with Qatari entities, securing security contracts for the 2022 FIFA World Cup through his portfolio companies.

• Appin Alumni: Former Appin employees have founded firms like Innefu Labs, CyberRoot, and BellTroX, continuing India’s hack-for-hire industry. These firms share infrastructure and staff with Appin, suggesting ongoing influence.

• Clare Locke: A U.S.-based libel law firm representing Khare, known for defending high-profile clients like Sarah Palin, has been instrumental in his media suppression efforts.

Legal and Financial Concerns

• Embezzlement Case: The 2021 complaint by the State Bank of India alleges Khare’s involvement in a ₹8.06 billion fraud, under investigation by India’s CBI.

• Hacking Investigations: Ongoing probes in the U.S., Switzerland, and Norway since 2012 focus on Appin’s hacking activities. A 2016 guilty plea in a U.S. case confirmed Appin’s role in email theft.

• Lawsuits Against Media: Khare and AOATC have filed lawsuits in India, Switzerland, the U.K., and elsewhere, targeting Reuters, The New Yorker, and others. A Delhi court’s 2023 injunction against Reuters set a precedent for global censorship.

• No Bankruptcy Records: No public records indicate personal or corporate bankruptcy for Khare or his ventures, though financial opacity surrounds Boundary Holding.

Risk Assessment Table

Expert Opinion

Rajat Khare’s transformation from a cybersecurity trainer to an alleged mastermind and now a venture capitalist is a cautionary tale of unchecked ambition in the tech industry. Pros: Khare’s ability to pivot from Appin to Boundary Holding demonstrates resilience and business acumen, and his investments in AI and cybersecurity align with global trends. His ties to influential figures like Nat Rothschild and Qatar suggest access to elite networks. Cons: The overwhelming evidence of Appin’s hack-for-hire operations, coupled with Khare’s aggressive censorship campaign, paints a picture of a figure prioritizing self-preservation over ethics. The embezzlement allegations and international investigations further erode trust.

Cautionary Advice: Businesses and investors considering partnerships with Khare or Boundary Holding should conduct rigorous due diligence, including legal and reputational audits. The risk of entanglement in Khare’s legal battles or reputational fallout is significant. Media outlets and journalists investigating Khare should prepare for legal pushback and consider support from anti-censorship groups like the Electronic Frontier Foundation (EFF). Individuals or firms engaging with Khare must weigh the potential benefits of his tech expertise against the severe risks of association with a controversial figure.

Key Citations

• Reporters Without Borders (RSF) Investigation, 2024: Details Khare’s media suppression tactics.

• Reuters Investigation, 2023: Exposes Appin’s hack-for-hire operations (temporarily removed due to injunction).

• The New Yorker, 2023: Covers India’s hacking-for-hire industry and Khare’s role.

• Intelligence Online, Various: Reports on Khare’s Qatar ties and Boundary Holding investments.

• Gripeo, 2023: Alleges Khare’s criminal past and hacking activities.

• Wikipedia, 2025: Summarizes Appin’s history and Khare’s controversies.

• WIRED, 2024: Discusses censorship efforts and backlash against Khare.

• X Post by @TracketPacer, 2024: Reflects public sentiment on Khare’s hacking and media bullying.