SB 5.6.9

yasya kilānucaritam upākarṇya koṅka-veṅka-kuṭakānāṁ rājārhan-nāmopaśikṣya kalāv adharma utkṛṣyamāṇe bhavitavyena vimohitaḥ sva-dharma-patham akuto-bhayam apahāya kupatha-pākhaṇḍam asamañjasaṁ nija-manīṣayā mandaḥ sampravartayiṣyate.
Synonyms: 
yasya — of whom (Lord Ṛṣabhadeva); kila anucaritam — pastimes as a paramahaṁsa, above all regulative varṇāśrama principles; upākarṇya — hearing; koṅka-veṅka-kuṭakānām — of Koṅka, Veṅka and Kuṭaka; rājā — the King; arhat-nāma — whose name was Arhat (now known as the Jain); upaśikṣya — imitating the activities of Lord Ṛṣabhadeva in His paramahaṁsa feature; kalau — in this Age of Kali; adharme utkṛṣyamāṇe — because of increasing irreligious life; bhavitavyena — by that which was about to happen; vimohitaḥ — bewildered; sva-dharma-patham — the path of religion; akutaḥ-bhayam — which is free from all kinds of fearful danger; apahāya — giving up (such practices as cleanliness, truthfulness, control of the senses and mind, simplicity, the principles of religion, and practical application of knowledge); ku-patha-pākhaṇḍam — the wrong path of atheism; asamañjasam — improper or against the Vedic literature; nija-manīṣayā — by his own fertile brain; mandaḥ — most foolish; sampravartayiṣyate — will introduce.
Translation: 
Śukadeva Gosvāmī continued speaking to Mahārāja Parīkṣit: My dear King, the King of Koṅka, Veṅka and Kuṭaka whose name was Arhat, heard of the activities of Ṛṣabhadeva and, imitating Ṛṣabhadeva’s principles, introduced a new system of religion. Taking advantage of Kali-yuga, the age of sinful activity, King Arhat, being bewildered, gave up the Vedic principles, which are free from risk, and concocted a new system of religion opposed to the Vedas. That was the beginning of the Jain dharma. Many other so-called religions followed this atheistic system.
Purport: 

When Lord Śrī Kṛṣṇa was present on this planet, a person named Pauṇḍraka imitated the four-handed Nārāyaṇa and declared himself the Supreme Personality of Godhead. He desired to compete with Kṛṣṇa. Similarly, during the time of Lord Ṛṣabhadeva, the King of Koṅka and Veṅka acted like a paramahaṁsa and imitated Lord Ṛṣabhadeva. He introduced a system of religion and took advantage of the fallen condition of the people in this Age of Kali. It is said in Vedic literatures that people in this age will be more inclined to accept anyone as the Supreme Lord and accept any religious system opposed to Vedic principles. The people in this age are described as mandāḥ sumanda-matayaḥ. Generally they have no spiritual culture, and therefore they are very fallen. Due to this, they will accept any religious system. Due to their misfortune. they forget the Vedic principles. Following non-Vedic principles in this age, they think themselves the Supreme Lord and thus spread the cult of atheism all over the world.