[Resolved]  Nano Excel — FACTS BEHIND SCAM

Address:

Kerala

Sir,

Sub: Facts behind the scam by the companies Nano Excel corp.Ltd. & Nano excel Enterprises Private Ltd. – Grievance –reg.

We are exceptionally anxious in what happened to the people of Kerala including us in the name of the companies Nano Excel Corp. Ltd. & Nano Excel Enterprises Private Ltd. Many full-size cheating have been done by these companies. The amazing thing is that the companies boomed mainly in the soil of Kerala for three years. Three years continuous cheating led more than four lack people surrounded in the command of the companies. All of those people including us want to be liberated from the company once getting our money back by which we applied for nano technology products/ shares of the company. We have got only product/share order number through SMS from the company but products and shares. It was known that many of the people were disillusioned by the said companies this way. Details of name, product cost, share order no. and address are furnished at the last of the pleading. We hereby try to shed light on the facts behind the subsistence of the companies Nano Excel corp.Ltd. & Nano excel Enterprises Private Ltd.

UNION GOVT. OF INDIA

Given that the company is registered under Registrar Of Companies, the exposure of the fact of registration made the people to believe in the company. Here the company is not listed in any of the stock exchanges in the country. Thus SEBI is powerless to enquire on the operation of the company (like the case of SAHARA). The Union Govt. Of India had to rise on the occasion to bring all the unlisted companies under the control of SEBI for proper surveillance on such companies that exploit the registration from ROC. This insufficiency in the structure of ROC & SEBI led this company to a total dishonest to the people of India.

ROC HYDERABAD

This agency was unsuccessful to make clear the character of operation of the company in the website of Ministry of Corporate Affairs. Now the company claims that it comes under direct selling class. But in the master data of the company found in the website of MCA doesn’t give any implication that it is a direct selling company. This shortfall also led the company to cheat the public of India.


RESERVE BANK OF INDIA

RBI was kept in obscurity by some nationalized banks and 3rd generation banks. They failed to execute the order that those bank accounts which cross the transaction Rs10 lacks per day to be notified and reported to the Income tax department of India and RBI. If this order was acted in accordance, more than four lakhs people could have been saved from the clutches of the company.


INCOME TAX DEPARTMENT OF INDIA

IT dept. of India did nothing to enquire the source of income of the company and the PAN account holders related to the company. Crores of rupees have been remitted by the company as TDS. The fact of TDS had to be explored. Since the tax was deducted as TDS, the dept. could have probed in to the scheme of operation of the company and its income. If these facts were informed to the police, they could have made a systematic investigation and lakhs people could have been saved from the offense of the company.


CENTRAL SALES TAX DEPARTMENT

The central sales tax dept., under TIN [protected] registration, had given dealership as Retailing & Wholesaling for the products watches, clocks and Nano Technology Health products. All Indians had reason to believe that the products distributed by the Nano Excel Corp. Ltd were Nano Technology based products as the Central Sales tax dept. had given registration certificate for Nano technology Health Products. This fact paved the way for wide spread cheating and many substandard products had been distributed among the people under the guise of NANO technology. If the quality and technology of the products were investigated before giving registration, the company could have been prohibited from the land of India.







COMMERCIAL TAX DEPT. ANDRA PRADESH

Before giving Vat registration, the dept. should have ensured the method of business the company proposed to perform at the place of business. There was no retail or whole sale out let. Now the MD of the company, Mr. Harish Madaneni, says that the company is a direct selling one. If it was so, the department failed to look into the fact of inconsistency of the company.


DEPARTMENT OF HEALTH, KERALA

In 2009, the health department filed a petition in ALUVA court against some products of the company viz. nano watch. It was known that the department had arguments about the certification of the product, quality and price of the products and even the existence of the company. If the health dept. could have informed the state police without delay about the petition, more than four lakhs people could have been saved from the cheating of the company.


COMMERCIAL TAX DEPARTMENT OF KERALA

On Feb 4th 2010, the Commercial Tax dept., Kerala conducted raid in the company offices at THRISSUR and ERNAKULAM. It is heard that the dept. assessed around 22crore as tax. But the company paid only about 7.5crore. At that time the bank accounts of the company had been frozen by the department. After seven days or so, the bank accounts were found to be operational. From media it was known that Rs1.5crore had been paid by the company men as bribe to the officer in charge of the raid to get the bank accounts operational. If the department had informed the police at the time of the raid, the police could have been aware of the mode of operation of the company in the land of Kerala and there by prohibit the company from its business and thus at least 3.75lakhs people could have been saved from the hands of the company.

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ROLE OF MEDIA

In many of the leading news papers, there appeared quarter page, half page and full page advertisements of the said companies frequently during the years 2009, 2010, 2011. We know that the news papers are also having the responsibility to refuse the advt. of companies which are deceptive and they can even notify the police regarding the presence of such companies in Kerala. Had they done this responsibility, lakhs of people could have been saved from such misleading companies.

In the light of the state of affairs, we understood that only police can help to bring fraudulent companies in to book.

Now we shall report the circumstances under which we are trapped by the said companies.

1. That the company is registered under ROC, Hyderabad.

2. That the master data of the companies could be seen in the website of MINISTRY OF CORPORATE AFFAIRS.

3. That the company has PAN&TAN account in the INCOME TAX INDIA.

4. That the company issues FORM 16 to file IT RETURNES

5. That the company has CST Registration.

6. That the company has Vat. Registration in the state of KERALA & ANDRA PRADESH.

7. That the company persists even after the complaint of HEALTH DEPT. in ALUVA court.

8. That the company exists even after the raid by COMMERCIAL TAXES DEPT.KERALA

9. That the company had full page and half page advt. in leading news papers frequently.

10. That the company does money transactions through NATIONALISED BANKS,viz.SBI


OUR GRIEVANCE
We applied for share certificates by online as appeared in the advts. We heard that many eminent people were also invested money on shares of various companies. We felt no harm in investing money on shares of a registered company. We know that many of the unlisted companies such as Cochin International Air port Authority Limited, Lakeshore Hospital, and EMS Hospital etc are also issuing shares to the public. So we applied for shares, @selling price Rs.50/share, through the website of the company for which all the money for shares has been remitted in SBI, Kanjirapuzha Br. We invested money on the power project of the company at PUITGONG in Arunachal Pradesh as appeared in the media and website. The company made assurance through media and website that the power project would be commissioned in 2012 and 50 years income would be started according to the proportionate electricity units allotted to each share holders. But till this time the company has not issued any share certificates to us. From the media it was learned that we the undersigned are cheated by Mr. Harish Madaneni, the Chairman& MD of the companies and by the directors of the company. Mr. Harish Madaneni, the MD of the company, cheated the MINISTRY OF CORPORATE AFFAIRS by selling share worth around Rs.200crores. Thereby he and his directors cheated us also. It was known that he issued many fake share certificates to raise Rs.200cr from the public. From the website of MCA it is seen that the authorized share capital is only Rs5cr. with 5lakhs shares of Rs10/share. Consequently he cheated the ROC and the citizens like us. Hence a clear act of fund diversion has been done by Mr.Harish Madaneni, the MD of the company. Yet again he claims that the company is a direct selling company. From all these data we believe that he is a no.1 fraud that we ever heard.

OUR PRAYER

In the event of these facts, we recognize that only Kerala police can find solutions to our problem of being cheated by the company chairman Mr.Harish Madaneni and the directors of the company. Mr.Harish Madaneni and the directors of the company must be brought in front of the law to get justice to the grievances of lakhs of people cheated by him and the directors of the company. We once again pray that Mr.Harish Madaneni must be arrested to get back our investments on shares and the money collected for substandard products under the guise of Nano Technology.



Sincerely yours,


PEOPLE WHO BELIEVED THE COMPANY