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.