Another Criminal Complaint filed against Vikas Goel of Esys and Rajesh Khurana, country Manager of Seagate for forging government tenders for 100’s of millions of dollors. This fact has been accepted by Vikas Goel in his affidavit submitted to various Courts outside iNDIA .

Vikas Goel achiever of E & Y enterprenuer of year 2005 ( fraudulently obtained paying hefty fees as in case of Raju of Satyam) has himself accepted in affidavit submitted to court that he with the help of Seagate officials forged documents of Government departments in INDIA to import hard drives at much lower price than the actual market value of harddrives to evade import duty for 100’s of millions of dollors

Vikas Goel claims in his affidavits by putting blame on Seagate that :

“TENDERS OF CHAIRS WERE FORGED TO TENDERS OF HARD DRIVES FOR MILLIONS.
EVEN PAKISTAN TENDERS WERE USED TO IMPORT GOODS TO INDIA “

Please read the whole document to know the extent of fraud and the activities Esys and Seagate are involved in.

Copy of compained filed with the government departments for investigation against Esys and Seagate.
It is also important to note that Directorate of Revenuw Intelligence has already defrading revenue department for millions. Esys was heavily fined which was paid immediately by Esys to avoid legal action.

WE URGE ALL THE REGULATORY AND INVESTIGATION AGENCIES TO START CRIMINAL PROCEEDING AGAISNT BOTH VIAKS GOEL OF ESYS AND RAJESH KHURANA OF SEAGATE WHERE BOTH PARTIES HAVE ALREADY ACCEPTED BY PUTTING BLAME ON EACH OTHER THAT VARIOUS GOVERNMENT TENDERS WERE FORGED TO EVADE IMPORT DUTIES WORTH 100′S OF MILLIONS OF DOLLORS.

IT IS ALSO IMPORTANT TO NOTE THAT VIAKS GOEL HAS ALREADY BEEN CONVICTED IN CHANDIGARH LOACL COURT FOR CAUSING MILLIONS OF DOLLORS LOSS TO GOVERNMENT EXCHEQUER BY DEFRAUDING IT PARK ADMINISTRATION. CHANDIGARH ADMINISTRATION IS SEEKING LEGAL ADVICE TO PROCEED WITH CRIMINAL ACTION AGAINST THE CULPRITS. (PLEASE READ THE LAST POST)

VIKAS GOEL OF ESYS AND TELEDATA ARE ALSO INVOLVED IN MORE THAN $ 1 BILLION (RS 6000 CRORES) ACCOUNTING FRAUD AND DEFRAUDING STATE BANK O INDIA FOR $80 MILLION DOLLORS (RS 450 CRORES) BY SUBMITTING FORGED DOCUMENTS TO STATE BANK OF INDIA.

Regd A.D.

Dated: June 5, 2009
To
The Chairman Central Board of Excise & Customs
North Block
New Delhi-110001

The Chief Vigilance Officer
Central Board of Excise & Customs
North Block
New Delhi-110001

The Director
Central Bureau of Investigation
Block No.3, CGO Complex
New Delhi-110003

Subject : Criminal Complaint against Mr. Vikas Goel MD eSys Information Technologies Pvt Ltd, Plot 521, Udyog Vihar, Phase III, Gurgaon and Mr. Rajesh Khurana, Country Manager (INDIA), Seagate Technologies LLC USA, No.914 & 914 A, Block E, International Trade Tower, Nehru Place, New Delhi-110019, for avoiding Customs Duty by importing Computer Hardware worth US $ 25,57,824.00 under forged / fictitious Government Tenders thereby seeking rebates and doing under invoicing and later selling the products in open market at market price.

Sir,
This is to inform you that eSys information Technologies Pvt Ltd was sole distributor of Seagate Technologies LLC, USA from the year 2000 to 2006. During this period both the companies conspired to evade customs duty on products imported into India. In furtherance of such motive, they decided to import goods by quoting it as supplies to Government Departments. Forged / Fictitious Tenders were prepared to import goods at a value much less than the actual market rate. Later on the said goods were sold in open market making huge profits. The total amount of the fraud under the said plan is approx US $ 25,570,824.00. this fact is proved from the claim filed by Seagate Technology LLC before American Arbitration Association. Refer to Page II Para 40 to 49. (copy enclosed) The details of some of such fictitious tenders are as under:
I. Reserve Bank of India Tender: Credit of US $ 82,120.00.
II. Ministry of Agriculture:- US $ 15,480.00
III. Ministry of Railways
IV. Directorate of Income Tax, New Delhi Tender
V. East Central Railway Tender
VI. Bihar State Electronics Development Corporation Tender
VII. BSNL Tenders
VIII. Government of India, Ministry of Mines Tender US $ 97,600.00
IX. Indian Renewable Energy Development Agency Tender: US $127,160.00
X. Central Bank of India Tenders: US $ 169,320.00

Copies of Tenders are enclosed, facts can be verified from concerned department.
If a detail enquiry is conducted, a big scam involving evasion of customs duty worth Crores of rupees can be detected.

Yours faithfully,

Abhimanu Saxena
Secretary
Society for Prevention of Corruption (Regd.)
New Delhi

C.C:
Hon’ble Finance Minister, Government of India, New Delhi.

Encl: I. Claim filed by Seagate in an Arbitration case in USA
II. Copies of some Forged Tenders

It is a common knowledge that many of Seagate employees on higher positions were hand in glove with Vikas Goel of Esys to increase the sales of Seagate using various illegal methods and benefited by taking million in sales incentives by forging sales of Seagate alonf with Esys. This practice by Seagate allowed Vikas Goel, Managing Director & promoter of Esys to forge sales figures of Esys and claim 100’s millions of forged sales incentives from the pockets of Seagate shareholders.

Many people in the industry have been wondering how come Seagate has not been able to nail down Vikas Goel of Esys inspite of having all the evidence of forgery of 100’s of million of sales incentives and non payment of invoices more than $ 60 million dollors.

Vikas Goel of Esys and Rajesh Khurana of Segate prepared forged tenders of various government departments for millions of dollors. In this submission by Vikas Goel to the court all the blame is put on Seagate where as we have the emails/documents which clearly shows Vikas Goel was personally involved in forging these government tenders on daily basis.

All below comments are from Vikas Gold clearly accepting that forged TENDERS were submitted blaming that Seagate was also involved in one of his affidavit’s Annexure “INDIA TENDERS”

Indian Renewable Energy Development Agency Tender

On 20th June 2006, 05:27 PM, at Rajesh Khurana’s instruction eSys India Back office staff forwarded the SPA application on Jupiter (A Sub-Disti) along with the tender of “IREDA” to Rajesh Khurana and which was provided by Rajesh Khurana. Rajesh Khurana then internally applied to his own management for SPA on below quantity.

The first page of tender document clearly mentions that the invitation is for PURCHASE OF THE SERVER, SYSTEMS SW, PERSONAL COMPUTER, LAPTOPS and the second page states that the QUOTATION FOR COMPREHENSIVE MAINTENANCE OF PCs,PRINTERS, UPSs, and OTHER PERIPHERAL. In NO – WHERE in the tender it is mentioned that the tender is invited for the purchase of hard disk.. Also the 2nd Page clearly has NO CORELATION with the Tender and is a mere sheet of paper from somewhere else. The Tender is for PURCHASE of Some items and 2nd Page is a Quote for Maintenance for totally different items. Anyone with common sense can see that this tender is No way connected to purchase of HDD. Also noteworthy is that there is NO DATE for the Tender.

National Research Agriculture Council,
On the same day 12th July 2006, realizing the fact that eSys does not have any tender document or eSys may not be able to use the earlier tenders which he has provided since the tender application was of Pakistan and Rajesh Khurana immediately passed on the Pakistan tender documents to eSys so that it can be supported in the SPA application.

The tender document clearly reflects that the “NARC” has invited for procurement of Desktops. NO-WHERE it is mentioned that the agency wanted to buy Hard disk.

Assam Electronics Development Corporation(AMTRON)

Tender is invited from Original equipment Manufacturer (OEM) of desktop Pcs,peripherals and NO where it is mentioned that the sole hard disk is needed to purchase.

Also it is to be noted that the tender is only invited from OEMs not any non-integrator and as per the best of the knowledge SUPERTRON is neither OEM nor system integrator.

The Computers also mention clearly that the HDD needs to be PATA or IDE

FEW OTHER Points made by Vikas Goel

“ In context of India Rajesh Khurana for his internal records would work with Seagate USA pricing team and get pricing required for the products to be sold and in the process work out deals in name of Tenders. eSys would not be privy to Seagate internal wheeling dealings. After working out the deals Rajesh Khurana would pass some Tenders to the eSys clerical/Admin staff to be attached and given to him along with a price request. THE TENDERS ORGINATED FROM RAJESH KHURANA AND SEAGATE ITSELF.

eSys staff would normally send Rajesh Khurana the list of inventory and prices required to clear the inventory before they could buy in any more product. Rajesh Khurana would work internally and revert with the pricing he could give and would also pass on some Tender papers by hand, fax or email (official Seagate or his Hotmail) , to be attached along with the pricing request For Example, A mail sent by Rajesh Khurana on 30th May 2006 with an attachment of tender document of NTPC (National Thermal Power) “

“DUMMY TENDERS” being given by Rajesh Khurana and subsequent SPA given to other distributor Redington (Synnex group). BS Teh and other Seagate executives are all very close personally to Synnex group and instead of investigated fraudulent activities of their own staff including Rajesh Khurana and Robert Yang.

“Rajesh Khurana was the originator of the Document and wanted to use it for internal justification, and Seagate USA executives were fully aware it was a dummy too as any person with common sense capable of reading in English could make out. It was a part of Seagate executives own Fraudulent activities to manipulate their Financials and cheat the Public. On eSys submitting its detailed defense and highlighting Seagate illegalities, Seagate on second thoughts knowing that eSys would bring all these Tender and such things out tried to make eSys the scapegoat by alleging it on eSys. Seagate had possession of all these documents since 2006 and could have bought it in their original claim and not after 2 years. Also Seagate rather than taking action on its on executives in particular Rajesh Khurana for perpetuating a Fraud on the company or at the very least being negligent in not even reading a tender document gave him a double promotion, thereby bribing him to stick with Seagate official stand and to cover up the Fraud.”

Reserve Bank Of India (Dept. Of Information Technology)

It is to be Noted that the Tender Request and Price request was made internally by Seagate USA executives and Rajesh Khurana. As for eSys the price of USD 50.50 was already pre approved based on which eSys had purchased the product, however Seagate in order to fraudulently inflate its revenues and Profits had invoiced the goods at a much higher amount.

JHARKHAND AGENCY FOR PROMOTION OF INFORMATION & TECHNOLOGY TENDER DOCUMENT

Page 1 of the Purported Tender clearly mentions the total number of schools is 440 and page 23 of the Tender clearly mentions the Computers per school is between 1 to maximum 6 depending upon number of students with 1 computer for teachers. So maximum total 7 x 440 = 3080 computers. The Quantity Rajesh Khurana proposed is 18,632 HDD.

Page 27 and Page 28 of the Tender Clearly mention the computer need to have 80GB SATA HDD, what Rajesh forwarded and Seagate USA approved was anything but 80GB SATA. • This clearly shows that Seagate executives used their own concocted Customer names to do their internal accounting in providing the customer the credits due to them in the first place. Seagate would maliciously and fraudulently inflate its Invoice price to book higher
revenues and profits to cheat the Public.

Tender invitation was for technical & commercial bids for installation and maintenance of computer systems and provision of computer and maintenance JHARKHAND AGENCY FOR PROMOTION OF INFORMATION & TECHNOLOGY where it was clearly mentioned the requirement was for computer and NOT HDD. Also it was at all times known to Seagate entire management in APAC and Rajesh Khurana in particular that Supertron is not a System Integrator but a Sub Distributor or Trader and hence could no way be making Computers for Projects. Rajesh Khurana dealt directly with Supertron at all material times and made them a Seagate Import Partner eligible for direct rebates from Seagate even in contravention to Indian Laws, where Seagate was prohibited from indulging in any sales and
pricing activity.

National Institute of Science Communication & Information

On or around 16th August 2006, Rajesh Khurana passed the instruction to eSys to apply SPA on FORTUNE to cover all the SCSI items & 80GB SATA HDD lying in the inventory.

A tender document of National Institute of Science Communication & Information was passed to eSys Back office by Rajesh Khurana which was to be attached along with the SPA application.

Tender specification of National Institute of science Communication & Information is as below. In a first page itself it is clearly mentioned that the tender is for computers NOT FOR Hard disk .

Secondly tender is already expired on 11th August 2006 and Rajesh is applying it on 16th August 2006.

Thirdly NO-WHERE it is mentioned that it is a Govt tender, however in the SPA application to Seagate USA pricing Rajesh stated as “here’s a govt opportunity—pls see what best can be done.”

NO-WHERE it is mentioned the tender is for the purchase of HDD or even Computers.

Government of India Ministry of Mines

On or around 5th June 06, Rajesh Khurana send the tender document of Govt. of India Ministry Of Mines to eSys India back office which was to be attached along with SPA application. It was instructed eSys to apply on Supertron for 80 GB & 40 GB for approx 38000 units.

Tender invitation was for Maintenance Contract of Technical Management Information System (TMIS) covering computers & peripherals. Which was to be effected by 1.4.2006 for an year which clearly states on page 1

BIT, Mesra

On 24th July 2006, 10:55 AM (IST), based on Rajesh Khurana instruction formal SPA application for BIT, Mesra under Xenitis was forwarded to Mr. Rajesh hurana without the tender document as the same was not provided by Rajesh.

Central Bank of India

Tender specification of Central Bank of India is as below

1st page of tender clearly states “Supply , Installation and Commissioning of PASS BOOK Printers”

Last date of submitting the tender is 4th August 2006 which is already lapsed.

NO-WHERE it is mentioned the tender is for the purchase of HDD or even for that matter COMPUTERS.

Ministry of Agriculture

Tender specification of Ministry of Agricultural is as below

In a first look it is clear that the tender document is downloaded through internet as the header & footer of each page contains the URL address which seems to be downloaded on 10th August only.

2nd page of the tender document states “ MAINTENACE SERVICES UNDER THE ANNUAL MAINTENANCE”

NO-WHERE it is mentioned the tender is for the purchase of HDD or even Computers.

National Institute of Science Communication & Information

Tender specification of National Institute of science Communication & Information is as below

In a first page itself it is clearly mentioned that the tender is for computers NOT FOR Hard disk .

Secondly tender is already expired on 11th August 2006 and Rajesh is applying it on 16th August 2006.

Thirdly NO-WHERE it is mentioned that it is a Govt tender, however in the SPA application to Seagate USA pricing Rajesh stated as “here’s a govt opportunity— pls see what best can be done.”

NO-WHERE it is mentioned the tender is for the purchase of HDD or even computers.

District Computer Centre School

Tender specification of District Computer Centre school is as below :

Page- 5 of the documents clearly states at three different places that this tender is of 2005 which is more than a year expired.

Secondly tender is for supply of hard disk NO-WHERE it is mentioned the tender is for the purchase of HDD

Thirdly it is clearly evident that the tender document is downloaded from Internet. Footer of every page highlights

Ministry of Railways, Govt. of India

Tender specification of Ministry of Railways is as below

1st Page of the tender clearly mentions Tender nos. & date, Tender description. Date mention on the document is 25th July 2006 which is already expired by two months.

Secondly tender is for supply & installation of primary digial multiplexer NOWHERE it is mentioned the tender is for the purchase of HDD

Annexure-B of the tender is a Specification of the Maintenance Terminal for network systems.

Directorate of Income tax

Tender specification of Director of Income Tax is as below

Firstly the header of all tender pages clearly mentions that the tender date is of 7th March 2005 which is expired almost more than year.

Secondly tender is for HW/SERVER CONSOILIDATION.

Thirdly there is no requirement of Hard disk as such mentioned in the tender, however in some technical specification ULTRA 320 SCSI is mentioned. In NOWHERE above applied SPA quantity/ Model was specified in the tender.

It’s very surprising to see how come the SPA was approved on just blank
papers.

National Institute of Technology

Closing date of the tender date is of 10th September 2006, which is already expired by 24th September 2006.

Secondly the tender doesn’t specify of being a Govt agency, however Rajesh Khurana applied to its pricing team stating it a Govt. tender.

On 25th September 2006 07:31 AM (IST), Rajesh Khurana further applied SPA to its pricing department stating “pls help on approvals on these govt opportunities” SPA got approved and the Sales again reflect under Supertron name on 29th September 2006 as directed by Rajesh Khurana.

University of North Bengal

Tender specification of University of North Bengal is as below

Firstly the tender is for branded PCs NOT FOR Hard disk alone.

Tender is for IBM PC & HP-COMPAQ laptop FOR Hard disk alone.

On Page 2 last date of tender is mentioned as 11th September 2006 which is already
an expired tender.

Eastern Railway

Fourth page of the tender clearly mention the SCOPE. Tender was invited for the supply, testing & commissioning of industrial PC.

Date of the tender is not specified in the document.

On 29th September 2006 07:40AM (IST), Rajesh Khurana

Government authorities contemplating criminal action against esys and its promoters Vikas Goel and Niraj Goel

Hindustantimes, the largest selling English newspaper in India has again come out with revelations where Chandigarh administration is contemplating criminal action against Esys Information Technologies Pvt. Ltd. Hindustantimes has also published earlier how promoters of Esys duped Chandigarh administration for million of dollars at the cost of government exchequer.
http://epaper.hindustantimes.com/ArticleImage.aspx?article=14_07_2009_165_002&mode=1

According to newspaper Teledata Informatics Ltd a listed company in Chennai which bought 51% stake in Esys Singapore in early 2007 still shows the 6 acres plot allotted to Esys India as its own in its 2007 and 2008 Balance Sheets. However the land was resumed by the Chandigarh administration in 2008 charging promoters of Esys namely Vikas Goel and Niraj Goel of fraudulently transferring shares of Esys India to Esys Global Holdings, Dubai without informing the authorities.
Another newspaper Financial Chronicle from Chennai also published articles charging Teledata and Esys of a more than billion dollor Rs 6000 crore accounting fraud and cheating State Bank Of India for $80 million dollors. The paper also charged that Esys India claims to be part of Esys Global Holdings, Dubai, whereas Teledata claims Esys India as its subsidiary showing around Rs 1200 crores turnover from it. Teledata and Esys India both denied the reports without giving any answers to the charges and promised legal action against the paper. Til date no case has been filed against the paper and FC maintains that all the charges levelled against Teledata and Esys are true.

http://www.mydigitalfc.com/search/node/esys
http://www.itdistri.com/EN/blog/2009/04/07/10653/
http://www.crn.com/it-channel/199200166;jsessionid=2JNBSSF1MSQ5EQSNDLPCKH0CJUNN2JVN

It is also no secret that promoters of Esys namely Vikas Goel and Niraj Goel are involved in billion of dollors frauds all over the world. The frauds of Esys and its promoters have been published in Singapore, Europe, Dubai and other Indian Newspapers along with irrefutable evidences. All this money laundered from State Bank Of India and investors of Teledata has been put in another fraud company of Niraj Goel brother of Vikas Goel in company called Tradelabs.

Even after the representation in person from the investors of Teledata to the department of Securities Exchange Borad of India (SEBI), Serious Fraud Investigation Office (SFIO) and Fraud section of State Bank Of India, Both companies have been able to delay the investigation proceedings with the help of known links to politicians and paying hefty bribes as claimed by promoters of Esys themselves to various sources.
Chandigarh administration going by its reputation being clean and efficient administration has taken commendable steps to rein in atleat Esys and its promoters for their fraudulent activities in Chandigarh. Hindustantimes also keeping with its tradition of factual reporting has been at forefront to publish the fraudulent activities of Esys and its promoters along with Financial Chronicle.
We hope this process will continue and justice will be done as rightly pointed by eminent lawyer of Supreme Court Mr V.S Rawat that civil action does not bar Chandigarh Administration from filing criminal action against Esys under section 420 and 406 of IPC.

For information of investors of Teledata we also like to mention that Esys Information Technologies Ltd. has since changed its name to Esys Information Technologies Pvt Ltd to again mislead the investigating authorities of its fraudulent activities.

Another farud case against Esys of duty evasion, Esys already fighting case of duty evasion in Europe

PRESS TRUST OF INDIA
INDIA’S PREMIER NEWS AGENCY

New Delhi, Apr 24 (PTI) eSys Information Technology Ltd, a distributor of software giant Microsoft, has come under the scanner of Department of Revenue Intelligence for alleged duty evasion to the tune of over Rs 10 crore.

Sources in the DRI said eSys Information Technology is being probed for importing software from Microsoft Singapore Pte. Ltd (part of the Microsoft group) between 2006-2008 without declaring the complete value of the imports, thereby “evading duty” for which show cause notices would be issued soon.

When contacted, a senior official of eSys, which operates in 32 countries, said, “We are fully cooperating with the DRI and are with them. We are following all norms of the law.” Sources said the distributor has recently paid the government close to Rs 12 crore, including interest as bond and bank guarantee.

They said the “evasion” amounted to import of CDs and DVDs during the said period for which the distributor had allegedly not declared the licence fee as stipulated by the law.

“The license fees are also liable for duty which has to be added to the import cost but we found that the distributor had not done so while importing the same,” sources said. PTI

Vikas Goel assets freezed by Singapore court but too late as assets already gone

Dear investors in Teledata/Esys. This court  order does not means much as we have already informed that all the money has been laundered to 100’s of Niraj Goel companies in Dubai, Russia and India.

The company Strategybot used to launder this money is owned by Mr Jahangir who is car driver of Mr Niraj Goel and another guy Mr Kamaljeet Singh Cheema is warehouse guy being used as proxy Director for 15 odd fraud companies of Goel brothers.

As we have been telling all our readers that promoters of these two companies have been ripping off investors in India and have been doing money laundering in Singapore, Dubai, Europe and Russia. Russia has been used extensively to route this illegal money. Now the press all over the world is reporting about the frauds of Goels brothers and Teledata.

We have another very sad news for Teledata which we will publish very soon. We have collected number of cases filed against promoters of Teledata from Chennai and it is very surprising that a company with so many fraud cases already was given Bank Loan of USD 80 million dollors. No wonder they got in bed with Vikas Goel and Niraj Goel.

ICRA has also given lowest possible rating for Teledata bank Loans and instalments of these Bank loans are long overdue. Obvisiously Bank will now try to recover their money from pledged shares of Esys Singapore and then Banks will find that all companies for which Banks held the shares as security have been fradulently transfered.

We had already told our readers about the mareva injuction against Vikas Goel and that he has surrendered Singapore residency in November last year to avoid Singapore Jurisdiction.

Today newspaper from Singapore has already published long news on Vikas Goel and now newspaper from Europe have also picked up this news.

Esys boss’ assets frozen

April 23,2009 – 7:00 :: Miscellaneous

Middle and Far East : The Singapore High Court has frozen the assets of Indian entrepreneur Vikas Goel, under an ongoing legal dispute between his company, eSys Technologies, and disk-drive manufacturer giant Seagate Technology. According to court documents, the court approved last November a Mareva injunction application by Seagate Singapore to prohibit Mr Goel from disposing his assets in Singapore. The Mareva injunction is a court order that freezes assets so that a defendant cannot transfer his assets beyond the jurisdiction of a court until the outcome of a lawsuit is decided. Esys lawyers declained to comment.

Seagate Singapore International Headquarters is suing eSys for more than EUR3.2 million ; in addition, Seagate and affiliates are suing Mr Goel, who is the personal guarantor for eSys’ debts, for about EUR46 million, according to documents filed three years ago. Seagate subsequently filed an additional claim of about EUR58 million for sales incentives previously given to eSys, after eSys admitted in court to ‘false POS’ (point of sale).

Seagate’s lawyers also filed for an injunction against the Indian firm when it had emerged that a so-called ‘independent fact-finding committee’ appointed by eSys had sent letters to individual Seagate

staff, which ‘had the effect of harassing and intimidating the employees’, according to affidavits filed by the Seagate employees. Some of the Seagate staff also received ‘legal notices’ from lawyers in Pakistan, Bangladesh and Sri Lanka on behalf of eSys, the documents showed.

Beside this, Teledata, currently Esys parent company, has seen its short term loan rate lowered to A5 by ICRA, an Indian rating agency, which is the lowest short term rating existing. This is to reflect, according to rating agency, the fact that Teldata may have difficulties to reimburse banks. Teledata has failed to honour its Bank Guarantees worth EUR3.7 million and also unable to pay instalment of Term loan of EUR61.5 million, raised for acquisition of majority stake in Esys. We are still waiting for Esys representatives, owners or lawyers to answer our questions, which they currently seemingly prefer to decline… (source : Today Online Singapore).

ANOTHER EVIDENCE OF FRAUD OF USD 340 MILLION DOLLORS WITH INVESTORS OF TELEDATA AND ESYS SINGAPORE BY VIKAS GOEL AND NIRAJ GOEL

We continue from where we left on tradelabs. As tradelabs is simply new name given to Strategyland Research Ltd., Singapore to avoid any kind of prosecution if the link between Teledata investment and laundering of money to Strategyland is proved. Apart from accounting fraud of more than USD 1 billion dollors we are giving further evidence of fraudulent transfer of money of more than USD 340 millions to Strategyland owned by Niraj Goel from Esys Singapore, subsidiary of Public listed company Teledata.

We continue our fact finding research on Tradelabs and Strategyland. As we told earlier Tradelabs is just another company incorporated with same fraud business, same fraud owner Niraj Goel and same office address Changi 1, Esys HQ to continue their fraudulent activities. The financials of tradelabs are also even better cooked.

We have already told the investors how Vikas Goel laundered USD 40 million dollors from fraud investment of Teledata for USD 105 millions dollors. We have found another evidence of more than USD 300 million dollors transferred to Strategyland from Esys Singapore. This is even bigger crime to launder money from a public listed company Teledata’s subsidiary Esys Singapore to private owned company Strategyland of Vikas Goel and Niraj Goel . The evidence is due diligence done by Royal Bank of Scotland. The due diligence obviously failed as RBS did not find answer to questions like where is money shown in Esys Singapore BS 2006-07 from Teledata. The extract from the reports is reproduced as under :

“Strategy Land – Can you please detail that process and also the terms of the agreement there as the numbers mentioned were quite large – USD 300 mn of shares on top of the money paid already.”

Both 40 million dollors from Rainforest Balance Sheet 2006-07 and USD 300 million dollors from Esys Singapore does not show up in the Balance Sheet of Strategyland anywhere.

This proves that Goel brothers donot believe in any regulatory system whether it is Singapore, Europe,Dubai, India or USA. They can do whatever they want with impunity.

Our fact finding story on Tradelabs and Strategyland is getting lot of attention worldwide. We have even got responses even from Russia where there is office of Tradelabs/Strategyland. People have thanked us for making these facts public and requested not to disclose their identity.

Our thorough investigation is on and we have found so many glaring examples of frauds specially cooking of books by Esys Group owned by Vikas Goel and Niraj Goel. Teledata cooking the books in India was always known. But it is very surprising that in Country like Singapore where law is so strict these guys can perform so big fraud in day light. The list of financial frauds is so big that we donot want our readers to get confused and will take them up one by one.

Ernst and Young should start new award Marsters of COOK of BOOKs. Their earlier awards one to Raju of Satyam has already proved that Audit firms are hand in glove with these criminal elements. This time around we will again prove that second E & Y award given to Vikas Goel is even bigger fraud.

Tradelabs a fraud company listed in london with bogus Balance Sheet and funded with laundered money

We have done lot of research to establish the link between dubious companies namely Esys Technolgies Pte., Singapore, Teledata Informatics, Chennai, Strategyland Research Ltd. and Tradelabs PLC. TradeLabs PLC was incorporated on 27 August 2008 in Jersey, Channel Islands, a known tax heaven. The company’s registered office is Tradelabs PLC (Jersey), 6 Britannia Place Bath Street,St. Heiler, JE2 4SU. The company’s Corporate Office is TradeLabs PLC, Frond E-8, Palm Jumeirah, Dubai, UAE and other offices are shown as TradeLabs PLC, 1 Changi North Street 1, Singapore 498789.

The company’s balance Sheets are prepared in Singapore from small time auditors with lots of fake data and figures to show high revenues. (In order to escape public scrutiny, the websites of all the above mentioned companies, showing this information, has been mysteriously shut down by promoters, after we pointed out to duious nature of these companies. We have got all the pages in PDF and can be provided to anyone who leaves a message and email id).

TradeLabs is listed in London on www.plusmarketsgroups.com.

It is the usual modus operandi adopted by Vikas Goel and Niraj Goel to run their racket of unscruplous companies in various countries. They have devised a way to perform their fraudulent activities in different jurisdictions for same company and business and thus making difficult for regulatory authorities in a single country to verify their fraudulent activities. The company also wants to introduce a new concept called TTO just as they coined term TBO in Esys and Teledata to lure the unsuspecting investors. As of now TBO turned out to be a big zero in the IT industry and it just exists on paper with nil revenues. Even a plot of land allotted for this activity, now stands cancelled by Indian Government, charging Vikas Goel for defrauding government exchequer for millions and using unethical activities to profit himself fraudulently.

Not surprisingly all websites mentioned herein www.tradelabs.net, www.strategybot.com, www.esysglobal.com have since been shut down by Vikas Goel and Niraj Goel, which clearly shows how concerned they are after truth is being spread around.

The same modus operandi was adopted by this gang of Vikas Goel and Niraj Goel, when they allegedly sold majority stake in Esys Singapore to Teledata through Rainforest (a holding company). This deal was big fraud involving a dubious loan of USD 80 mnfrom State Bank Of India. Subsequently they cheated millions of dollors from Teledata shareholders and amounts were siphoned off to fictitious companies promoted by Niraj Goel and Vikas Goel. The followings companies are involved in this big financial fraud which involve a $1.5 billion dollor financial and accounting fraud :

1. Rainforest Trading Ltd. (100% holding company of Esys Singapore)

(registered in British Virgin Island, Regd. Office in Singapore, Bank Account in HongKong and audited in Hongkong). This is the usual practice as explained earlier to manufacture layers of jurisdictions and involving multiple legal systems..

2. Teledata/Baytech. (Baytech is also 100% subsidiary of Teledata Informatics Ltd)

(registered in British Virgin Island, Office in Singapore and audited in Hongkong)

3. Strategyland Research Ltd. (Principal place of business in Dubai, registered office in Singapore and Auditors in Singapore)

4. Tradelabs PLC (Registered in channel islands, principal place of businessand Corporate office in Dubai, Registered office in London and office in Singapore, the company is audited in Singapore)

Although Niraj Goel and Vikas Goel use almost hundred of companies by the name of Esys , Teledata, Esys Teledata, Telesys, Ezy Infotech, Ezy Soft, Strategybot, Strategyland, Tradetools and many more ( reminds you of Satyam). We will try to explain how these guys make fool of regulatory athorities and invetsors all over the world.

We will construct our allegations of frauds against these companies simply on the basis of Auditor’s Opinion of the Balance Sheets of these very companies. The balance Sheets involved are Teledata Balance Sheet of 2006-2007 which one can download from www.teledatain.com from bottom of home page by clicking downloads (one can also see the BS 2007-08) and Balance Sheet of Strategyland Research Ltd til Dec 2007.( We have copied relevent portion of BS down the page).

From Balance Sheet of Teledata 2006-07 subsidiary RAINFOREST TRADING LTD on page 72 (incorporated in British Virgin Islands) Balance sheet can be downloaded from www.teledatain.com

Balance Sheet 2006-2007 Schedule Q –NOTES TO THE ACCOUNTS TO THE CONSOLIDATED FINANCIAL ACCOUNTS —–page 72 point ‘n’

n. In the absence of information on investments aggregating to Rs 267.42 crores in Rainforest Trading Company (51% subsidiary) representing short term investment of Rs 62.55 crores and Investment in Strategy Land of Rs 204.73 crores(USD 40 millions), the same has been considered at fair values as in the opinion of management and no impairment is deemed necessary.

Please see the above comment. The investment of $ 105 million dollors was for investing money in Esys Singapore but the money has been diverted to Strategyland Research Ltd owned by Niraj Goel brother of Vikas Goel. This also proves as we have been claiming that loan amount of USD 80 million dollors have been diverted fraudulently to privately owned companies by Teledata and Vikas Goel. The money was loaned by bank only for the purpose of investment in Esys Singapore. So we are not surprised that auditors were given no information why money has been diverted to Strategyland owned by Niraj Goel brother of Vikas Goel. In 2007-08 balance sheet again Teledata has not explained why this money has been invested(diverted ) to Strategyland. This proves our assertion that SBI money has been laundered fraudulently to privately owned companies of Niraj Goel brother of Vikas Goel. We need to know :

1. Why Teledata invested $ 40 million in Strategyland where as as per deal the money was to be invested in Esys Singapore.

2. Why the Balance Sheet of Strategyland, Dec 2007 does not show this investment of $ 40 million dollors.

3. Why Teledata has failed to explain details of such a big investment in a company owned by Niraj Goel already being investigated in Dubai for fraud charges.

The Strategyland is itself a dubious company with fraud assets and liabilities. It is not surprising that investments and turnover in Strategyland got manifold only after this transaction in March 2007. The auditor has clearly pointed out in the Balance Sheet, December 2007 that investments of USD 20 million dollors and Stock of USD 37 million dollors is unaccounted for. We know by now that all these figures are doctored and not real, similar toTeledata Balance Sheet of 2007-08, where there are Rs 5300 crore (more than USD 1 billion are fraud) of fudged figures. The details are available at :

http://www.mydigitalfc.com/search/node/teledata

Balance Sheet, Dec. 2007 Strategyland Research Ltd.

Auditor opinion : (Page 8 )

We are unable to obtain sufficient audit evidence to ascertain the existence of investment in unquoted shares ofUS$20,200,000 shown under investment in unquoted shares as shown in the balance sheet.

We are unable to obtain sufficient audit evidence to ascertain the accuracy and existence of the company’s year-end trading stocks accordingly are unable to satisfy ourselves as to the existence and valuation of trading stocks of US$37,908,229 as stated in the balance sheet.

We do not give an opinion on the financial statements for the year ended 31 December 2006 for which we were not the auditors.

So it is very clear from the above comments of the auditor

M/s James Raj & Co.

Certified Public Accountants

5 Coleman Street

#02-13 The Excelsior

Singapore 179805

That auditor is auditing fraud accounts which only Goel’s can explain how they are able to achieve these figures.Please note the following points:

1. Teledata Balance Sheet as explained above clearly shows investment of USD 40 million dollors. Neither there is mention of this investment of USD 40 million dollors nor Rainforest has been mentioned as investor in the entire BS of Strategyland.

2. The investment of USD 20 million dollors is unexplained as per auditor.

3. One needs to find out where did tUSD 40 million dollors go from Rainforest BS and from where do the USD 20 million dollors comes from.

4. Why Niraj Goel has not explained about trading Stock of $ 37 million dollors to auditor. Obviously it is fake and cannot be verified.

Can we call these Balance sheets as clean and without qualifications and whats the need for Goels to cook such balance sheets using companies in different parts of the world.

TRADELABS PLC : TradeLabs PLC was incorporated on 27 August 2008 in Jersey, Channel Islands. This is nothing but a new name given to Strategyland Research Ltd. Niraj Goel resigned from Directorship of Strategyland Research Ltd on June 30, 2007 just before the incorporation of Tradelabs. In both companies Niraj Goel is major shareholder up 90%. So whatever these companies are selling to each other are selling and buying is happening between Niraj Goel only. All the revenues in these companies are fake.

All the sale purchase between Tradelabs, trader tools, Strategyland, Strategybot or Esys is sale and purchase between Niraj Goel as all the companies are owned by Niraj Goel. All the fraud money siphonned off from Esys Singapore subsidiary of Teledata and State Bank Of India as explained above is also used to fund Tradelabs. Niraj Goel and Vikas Goel will now use their ususal method of defrauding more people in Europe.

Niraj Goel and Vikas Goel have listed this company in London in PLUS stock exchange using fradulently obtained and window dressed Balance Sheet consisting of fraudulent entries. Niraj Goel name has already been reported in Rs 6000 crore ( USD 1.2 billion approx.) financial fraud in Financial Chronicle, a Financial Newspaper in South India. Interestingly no reply to the allegations have been made till date.

http://www.mydigitalfc.com/search/node/teledata

The following details about tradelabs clearly shows that this is another company of Esys Group of Vikas Goel and Niraj Goel already involved in multiple legal cases in Singapore, Dubai, Europe and USA on charges of fraud. In India, courts have already charged both Vikas Goel and Niraj Goel for unethical activities and defrauding government exchequer for millions of Dollors.

In another case Vikas Goel is fighting fraud charges of USD 131 millions in Singapore court and has already been found guilty of siphoning off assets from Singapore. Subsequent to adverse court orders, Vikas Goel has surrendered his permanent residency for fear of Singapore Jurisdiction and hardly visits Singapore.

You can find more information on tradelabs on the stock exchange website :

http://www.plusmarketsgroup.com/story.shtml?ISIN=JE00B3FMYW12/GBX/PLUS-exn&NewsID=1231484441000078

TradeLabs PLC was incorporated on 27 August 2008 in Jersey, Channel Islands, as a technology-based business which owns and exploits fully automated trading software for securities trading and also runs its own proprietary trading desk. Securities trading commenced on 1 October 2008. The Company’s day to day operations are run from premises in Dubai.

Additional information on the Board

In addition to directorships of the Company, the Directors hold or have held the following directorships or have been partners in the following partnerships within the five years prior to Admission:

Director Current Directorships/ Partnerships Past Directorships

Naranjan R. Naidoo Gulf Pacific Holdings FZE, Dubai

Niraj Goel : (Director of the companies as below)

Esys Computing Solutions Ltd

Tradebot Capital DMCC

Esys Distribution LLC

StrategyLand Research Ltd

Esys Global Holdings Ltd

Zentrum Ltd

Esys Teledata Gold Ltd

TraderTools FZ LLC

Esys Teledata Technologies FZE

StrategyBot Russia Ltd

Landbase Realty Ltd

Leder Holdings Ltd

Technology Holdings Ltd

SmartBots Plc

Kamaljeet Singh Cheema

Crazypricing Pte Ltd, Singapore

Esys Information Technologies Ltd, India

Elcom IT Solution Private Ltd, India

Ezy Global Infotech FZE, Dubai

Fzy Apac Ltd, Marshall Islands

Ezy Central Purchasing Ltd, Marshall

Islands

Ezy Emea Ltd, Belize

Ezy Infotech America Inc. Seychelles

Ezy Infotech (Pvt) Ltd, Bangladesh

EMI Distribution FZE, Dubai

EMI Guangzhou, China

SB Global Infrastructure Inc. Seychelles

EGH Infrastructure Ltd, Belize

Few pages of Balance Sheet of Strategy Land

Strategyland Research Ltd. Financial statements for the year

(formerly known as StrategyLand Research Pte. Ltd.) ended 31 December 2007

Directors:

Goel Niraj (Resigned on 30 June 2007)

Robert Bush JR. (Appointed on 31 July 2007)

DR Rajan Sadanandam Singara Velu (Appointed on 31 July 2007)

Stephen Lee Teck Soong

Secretary:

Chiew Yu Sarn

Registered Office:

17 Upper Circular Road

#03-00

Juta Building

Singapore 058415

Bankers

Overseas-Chinese Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited

Auditors:

James Raj & Co.

Certified Public Accountants

5 Coleman Street

#02-13 The Excelsior

Singapore 179805

On page 8 of Balance Sheet this is auditor opinion

Opinion

We are unable to obtain sufficient audit evidence to ascertain the existence of investment in unquoted shares of US$20,200,000 shown under investment in unquoted shares as shown in the balance sheet.

We are unable to obtain sufficient audit evidence to ascertain the accuracy and existence of the company’s year-end trading stocks accordingly are unable to satisfy ourselves as to the existence and valuation of trading stocks of US$37,908,229 as stated in the balance sheet.

We do not give an opinion on the financial statements for the year ended 31 December 2006 for which we were not the auditors.

Vikas Goel of ESys used sexual abuse to evade angry investors in Teledata, parent company of Esys Singapore

Vikas Goel of Esys involved in many frauds in India, Singapore, Dubai, Europe and USA resorted to spamming Financial Chronicle website with sexual abuses and porn material against the readers of newspaper to stop them discussing issue raised in newspaper. Newspaper has alleged Teledata and Vikas Goel of commiting a BIllion dollor accounting fraud and defrauding SBI Bank for $ 80 million dollors. Rather than come out in open and refute these charges, Vikas Goel openly threaten the investors in teledata for serious consequences on newspaper website.

This shameful act by Vikas Goel has further cemented the belief of investors that he is involved in big financial frauds and responsible for huge losses to Teledata investors along with Teledata promoters. Financial Chronicle seems busy deleting these shameful posts by Vikas Goel self proclaimed business wizard turn out to be Fraud wizard.

Vikas Goel has already been declared person of doubtful character by government agency Foreign Investment Promotion Board (FIPB) in India and other courts in the world have found him involved in following :

a) A court in India has passed judgement against promoter of Esys Vikas Goel and found him indulged in unethical activities causing huge losses to government exchequer. This resulted in resumption of 6 acres of plot by authorities and slapped big fine on Esys as well.

b) A court in Singapore has also found Vikas Goel guilty siphoning of assets from Teledata a public listed company’s subsidiary Esys Singapore to his private ownership in name of his brother Niraj Goel.Niraj Goel is also fighting fraud charges in Dubai for last two years.

The readers and people commenting on the stories published in Financial Chronicle newspaper were spammed with sexual abusive language and porn materials to shut up the people claiming to be investors in Teledata. Financial Chronicle newspaper is financial newspaper launched by one of the biggest publishing group Decan Chronicle in India.

Vikas Goel is angry at the publication for stories published at following weblink:

http://www.mydigitalfc.com/search/node/teledata

Our sources in Esys confirmed that all the abusive comments were in reality of Vikas Goel and he was very fearful of the fact that all his frauds were being made public. First he tried to post comments under the name AAA , AA and Singaporean saying that these comments are being made by the people who have personal animosity with him and these people are involved in embezzlement and other criminal activities. When questioned that why he is not answering the issues raised on the Financial Chronicle and trying to evade the real issue of frauds committed by him and his brother Niraj Goel with the help of Teledata, the whole website of FC was filled with sexual abuses under the name of genuine investors.

According to the Teledata/Esys investor forum spokesman in Chennai, sufferers and readers of Financial Chronicle were discussing their legitimate concerns after FC reported chilling story about the frauds committed by promoters of Teledata and Esys. The news paper did a detailed investigative story and after weeks of waiting for reply from two companies published all the facts found in investigation. Even after stories were published the two companies remained silent and denied in one line that contents of the story are not true.

Promoters of Esys and Teledata specially Vikas Goel submitted affidavits with wrong information to courts in Singapore, India and USA to avoid prosecution

Esys and Teledata are in lot of trouble after a group of investors are flogging the regulatory authorities to complain about the ileegal activities of the promoters of two companies. Promoters of both these companies are fighting 100’s of cases in countries like USA, Europe, Dubai and India. Investors group from Chennai in India have got court papers from different countries and after careful study found that promoters of these companies have given different undertaking in different countries on the same issue. But due to separate jusrisdiction and lack of information on part of complainant and courts these guys have been taking advantage of loopholes in legal system. There are few very important issue on which these companies have lied to the courts and public in general around the world. A preliminary look at the copies of court papers obtained by these investors have pointed out the few misleading statement given to the court specially by Vikas Goel who has been winner of many International awards and was blue esys boy of Singapore Government at one point of time . As per lastest information from Esys itself Vikas Goel has surrendered his permanent residency after court in Singapore found Vikas Goel guilty of tranfering assets from Esys Singapore subsidiary of Teledata a public listed company in India to his private ownership.
A major chunk of Esys Singapore subsidiaries (i.e 10 best performing subsidiaries ) were transferred fraudulently by Vikas Goel from Teledata Informatics Ltd, India to Esys Global Holdings Dubai. Esys Global Holding Dubai was incorporated just before the Teledata announced investment of $ 105 million dollors. Surprisingly Teledata continue to show revenue from these subsidiaries in their balance sheets which are unaudited for 2 years. This raise further doubt about the genuineness of investment of Teledata in Esys. It has also been pointed out that how come Vikas Goel was able to transfer these companies to Esys Global Holdings Dubai at first place when the shares of these companies were held at security by State bank Of India for loan of $ 80 million dollors by Teledata for purchase of 51% stake in Esys Singapore.
The major fraudulent statement made by Vikas Goel in different courts of the world from India to USA are as under :
1. Teledata and Vikas Goel of Esys claim investment of $ 105 million dollors in Esys Singapore in their balance sheet for 2006-07 and 2007-08 while they are in India. There is no mention of sale of any subsidiaries after March 31,2007. But In Singapore Vikas Goel in his affidavits claim that deal was for $ 60 million.
2. This raise further suspicion if deal was for 60 million how come SBI granted loan of $ 80 million for purchase of shares. Now it has been found out that a duplicate agreement with inflated value was submitted to SBI to raise $ 80 million dollor loan. Further investigations have shown that very senior officers from SBI have been paid substantial bribes including former chairman of SBI. Inspite of bad loan and substantial downgrade of debt of Teledata from ICRA rating agency (subsidiary of Moody’s in India) SBI official are showing no urgency to investigate the matter.
3. Major part ofthe loan from SBI was laundered by Teledata into unrelated accounts and part was paid to Esys. Vikas goel in Singapore says he received only $ 55 million from Teledata whereas Teledata in its balance sheet show full 80 million dollors loan paid to Esys Singapore.
4. Teledata and Vikas Goel claims in India that no Audited balance sheet exist of Esys Singapore. The auditors of Teledata have clearly pointed out this in Teledata balance Sheet 2007-08. Where as Esys Singapore did get audited and audited Balance sheet for year 2006-07 is available with Investors and was submitted to courts in Singapore. The audited balance sheet of Esys for 2006-07 does not show any investment from Teledata.
5. Teledata and Vikas Goel in India claims Esys India as subsidiary of Teledata in its balance sheet 2007-08. Where as Esys Global Dubai owned by Niraj Goel brother of Vikas Goel claims in its balance Sheet Esys India as its subsidiary purchased on April 2, 2008.
6. Very Strangely in another court in India in Chandigarh Esys India has given affidavit that Esys India is not part of Teledata and its deal with Teledata did not go through.Another lie was told to court here to save 6 acres of land allotted to Esys group. After court in its investigation found promoters of Esys India which is Vikas Goel indulged in unethical activities and causing huge loss to government exchequer ruled that allotment of plot be cancelled and substantial fines were imposed. Strangely enough Teledata balance sheet 2007-08 which was sined well after date of judgement still shows ownership of the plot in its balance sheet.
7. In USA when reprimanded by court on another fraud charges by Seagate Vikas Goel gave affidavit that because of threat to his life he cannot travel to USA. But the very next day he was in same city meeting his lawyers about the case and discuss how can he subvert the justice in USA.
These are only few fraudulent statement made by Vikas Goel and Teledata resulting in loss of millions of dollors to investors of Teledata. Teledata share price came down from Rs 94 to Rs 10 well before the recession set in. IT has now also been found out that 95% of the shares owned by teledata management are pledged creating suspicion that another big fraud in offing.

Esys Update -exodus of employees at Esys

We have heard that Vishal Sapori has left Esys India. Esys has not told any body in the Channel or Vendor about this. Lot of other Employee are also worried and looking for jobs.

Interestingly there has been lot of negative news about Esys in last few months. There are lot of blog discussing it . There is lot of rumours about fraudulent practices at Esys since 2-3 years now. Lot of stuff at following blogs

http://harsharaghavan.wordpress.com/2008/03/31/esys-update/

http://www.inc.com/soundoff/reader_comment.html?cid=40462&sortBy=desc

 

 

Kiran Bedi to boycott Olympic torch relay

India’s first woman IPS officer Kiran Bedi has decided to boycott Olympic torch relay, said TV channels.

Bedi has said the torch security does not befit Indian democracy.

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