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CB Investment, Insurance and Financial Review of Exhilway Asia Ventures
Exhilway Asia Ventures

Exhilway Asia Ventures review: Cheating money and Killing Business 60

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Author of the review
7:33 am EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

This company exhilway Asia ventures, Exhilway Global opportunities fund etc are registered in Delaware and also files in SEC... No one knows who the founders or the major stake holders in the company. The consultants/panel finalisers have collected lakhs and lakhs of rupees saying for valuation, rating etc done by fictious companies in USA and all the domain names are registered with Kolkatta addresses... These people keep on popping up a news item in paid news channels and say the fund is finalised etc.. Please google "exhilway" you will get same kind of news starting from 2009... They have collected in whole crores of rupees all from running and existing companies under various reasons and still cheating people. They havent done even one funding till now, but collected crores of rupees. There are more than 57 companies in INdia who have paid more than 30 lacs on an avg.. These companies are not able to go to police just for the reason that the exhilway people are masters in cheating and disguising the facts and saying the promoters the fund is almost completed next 3 months the funds will hit the companies bank account... But this is not happenning... Are there any other companies who have fallen prey to this? Please let know

Resolved

The complaint has been investigated and resolved to the customer's satisfaction.

60 comments
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maheshbabu9
, IN
Apr 28, 2015 2:08 am EDT

Ashok ji,

Your revert is upto the mark and throws clarity but there are several questions which I will be asking in coming days as I am doing my research.

From your post it is quite evident that the fund wanted to fund the startup companies in the portfolio but has seen some less interest from the investors which stalled the process.

Another thing is any basic fund to keep its operations running for atleast a year needs Rs 2 crore or more and from the average you are talking I feel that the fund has not made any money for their own pocket. When you talk about third party services and when you talk about Rs 1 lakh fee for all services like rating, valuation, pr and documentation the fee seems very low and one must not expect that they will get high profile companies on board. Even if we assume that they paid 85% of fee to vendors they hardly got anything.

Also, this is evident that the fund has registerations in US. Assuming that legal cost in US is not less than $200000 for funds and filings. What have they made?

Delay is what they must see and help the clients who deserve to be funded. This is unethical that an unknown client with some bogus id is writing because he is rejected. Funding happens on strength and not on the basis if complains and fights.

If the complaining client is genuine and own a great company he will be funded by somebody. No body can kill business as the client has said. May be the client himself is starving for money after he approached several people so he hided his entity to write stupid things.

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Ashok Ostwal
, IN
Apr 26, 2015 9:07 am EDT

Hi,

Tarun: I am sure we don’t even know you by this name. Also for your info, the fund stopped taking clients long back and then how did the fund refer us or you got in touch with us. Why don’t u disclose your true identity and company name, for ease of reference.

Anuj: Yes, fees for writing plans is professional fee and there is no harm in charging the same. However, we have worked on success fee model only. Its true that no client is paid 30 lakhs or 50 lakhs on an average. Yes, minimal amounts have been paid for rating, valuation, PR and demat fees to exhilway directly by the client or through us. We have not marketed any third party services, we have followed exhilways instructions for getting the client evaluated.

Anuj Singh: I agree some has posted it because he has not been funded or rejected.

Mukulrawat: I myself disagree that each client has paid 30 lakhs. They would have not spent more than one lakh or one lakh fifty thousand by each of the client. We have collected and paid only what the funds asked. Again, most of the cases it is paid by the client directly and in few cases through us. If any of the client feels he is overcharged, we are ready to show him the proof of outward entry to Exhilway account.
We were removed, you must be joking…. They was no response from their end and we stopped interacting because nothing was moving at our clients end. Assuming its genuine and there is delay, no clarity on way forward, hence we stopped interacting with each other. Yes we asked for minimal equity in leiu of our effort but that was to be transferred only on successful completion of funding. No advance shares were taken…
We don’t want to be involved with the fund hence we have not been interacting…. Why should I post it using fake id’s

Mukulrawat: For your info, you said I using the same IP as the complainant…. Please note that I am in Rajasthan from 18 of this month and you yourself said that the complaint IP is from Bangalore. If you did your homework properly, how did u missed that the IP I am using is from Rajasthan. Why don’t u check my phone details and track my location for your satisfaction.

Rajatvishwas: For your info, you said I using the same IP as the complainant…. Please note that I am in Rajasthan from 18 of this month and you yourself said that the complaint IP is from Bangalore. If you did your homework properly, how did u missed that the IP I am using is from Rajasthan. Why don’t u check my phone details and track my location for your satisfaction.
Yes we sourced clients but we never over charged or charged any client for business plan preparation. Again, most of the cases the fees towards rating, valuation and PR was paid by the client directly and in few cases through us. If any of the client feels he is overcharged, we are ready to show him the proof of outward entry to Exhilway account.
I am not defaming anyone… Since I have been questioned, I am putting my clarification.

Rajshekar1: Answers to your questions
1. That was part of the funding process and we have not marketed any services. Exhilway insisted that the same is mandataory…
2. I have only referred 12 clients from Bangalore and no one has paid anything more than one lakh. I don’t need fake id’s to defame anyone. I am using ID’s of my own.
3. Yes, because the fund never answered my queries and hence we dint take clients call when we dint have any update for them
4. You are saying I was terminated. We stopped interacting and hence they dropped our name from website
5. We collected and paid what we collected. You prove one case where we have overcharged the client or for that matter charged the client for our effort. All our engagement was success oriented, part in cash and part in equity in some cases but on success only.
6. We have not taken any fee except for rating, PR, valuation and Demat. In most cases it was paid by clients and in some cases collected by us and paid to exhilways account for which we have necessary entries in our bank account.
7. None of them, because we never took them to any PE’s after we got termsheet from Exhilway
8. I had no personal relationship with any clients. All of them were clients for funding for exhilway in specific.
9. None of the clients paid us for our effort in terms of liasioning and documentation.
10. Bangalore, Ashok Ostwal and Associates
11. We haven’t done that Press release, it was done by Exhilway
12. Crescenthum Partners never collected any fees for any of the clients of Exhilway. Yes, he is allowed as per ICAI rules.
13. I never raised these issues. I am just clarifying my views.
I really don’t have to hide my identity. Please use phone track and IP track to know my location. I am using my id. Ashok Ostwal only.
I have no grudges against anyone. Yes it must have been delayed but you must tell this to the author who would happy to hear it and not me.

Vittalji: I suggest you please take this matter to ICAI, I know I haven’t done anything wrong… I suggest it should taken to higher forum, atleast we will know the truth in terms of whether I authored this complaint and also about exhilway and I am sure this will bring an end to all apprehensions raised by various clients. I request you to kindly take this up.
Yes, Crescenthum Business Partners is in advisory. We don’t need SEBI or RBI license for it… It’s a partnership firm and does not need ROC approval. Vittalji please consult your so called esteemed CA on this, he might throw some insight… Why don’t you disclose your true identity?
We haven’t taken any money in name of Crescenthum. Only money taken by me is for rating, valuation, PR and demat which is paid to Exhilways account of HDFC bank for which we have necessary supportings. I referred only 12 clients and not 57.
Vittalji please prove that we have overcharged the clients. 50 lakhs per client, you must be joking!

CA Naresh Agrawal: Good to know that you are so active with membership being created yesterday and without even being part of it or associated, you have arrived that I am a fraud CA. Please inform ICAI about my revocation. Let me know if you need my Membership number. I am sure you know how to retrieve it without my help.
I should ask you who gave you CA degree.. You haven’t read the roomys ad properly dude. It says I am looking for a room mate. I have never abused any property broker. Yes I am teacher and teach students, this has no connection and no realtion. Also the profile is made in the year 2010 and its still active. I don’t need to threaten anyone to make money. Your id is fake as well.

CB_Editor: I haven’t used any ID’s other than mine and that too from Rajasthan. I am sure you will have enough data and technology to understand whether it’s the same person or different person.

Maheshji: Stop creating fake ID’s. I don’t need fake ID’s like you all. Show me one client who I have overcharged, if you all have to prove your point. Track my phone and show me that I am in Bangalore from past few days! I don’t have PE fund and I never stated.

Dear All, I am in rajasthan from 18 april and some of you said that IP of mine, complainant and Dharamweer are same. That itself proves that your allegations are baseless and you are using fake ID's.

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maheshji78
Arizona City, US
Apr 26, 2015 4:03 am EDT

Even anonymousehje is registered today. You all are making fool. The CA is fraud, the fund has issues. The CA is a home tutor, then he also runs PE fund which is no where registered. His fund has no clients and the website is down too. All is looking bogus. Is this online extortion which is happening?

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maheshji78
Arizona City, US
Apr 26, 2015 4:01 am EDT

Leave it. Let the fund reply. The person said he is a contributor.

Ashok ji why you are creating nuisance here?

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anonymousehje
, IN
Apr 26, 2015 2:25 am EDT

Height of it... Even the cb_editor is registered on 26 April 2015...assumingly the editor of complaints board webstite... Please note complaints board doest participate in the discussion and threaten to delete the posts... Ha h aha ha ha... Look at the greatness of the people who are fooling around...

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cb_editor
Kansas City, US
Apr 26, 2015 12:52 am EDT

Yes this seems to be staged. What we can make out of this post is that there is a fund who was supposed to invest in some companies and got late. There is some service fee charged and the appropriation of the fund was done between some financial advisors who used to write papers for the client. Since the fund got delayed the client questioned the financial advisors and the fund. Now both the parties are counter attacking. This is quite evident that this is a issue between fund and a advisor and both of them are using fake id.

We for the last time request to please put to end allegation game and the official reply come in.

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cb_editor
Kansas City, US
Apr 26, 2015 12:46 am EDT

As one of the contributor on this platform we have requested the fund to respond. Wait till Monday before you write more absurd things. This now evident that both the parties have some flaws. The problem is Ashok Oswal used several id's and somebody from the fund too did the same. The logic is there in both the cases.

The fund if talks on it is better. Leave everything aside. This is a forum which needs fund to respond and say yes or no. If there was a problem they must tell the reason and close the issues. The issue is related to one fund and nothing beyond it. So please be calm or we will delete this entire post.

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yunchung
, IN
Apr 26, 2015 12:35 am EDT

Only One good ...Exhilway company... Only Bad on CA Ashok Oswal... All others missing links...? Company doesnt respond... Every one knows all the information of Exhilway, All know all the clients of Exhilway...All sensitive information which should not be available and not to be known except for the fund people every tom knows... Wow... Seriously all great...Who posted this... Who is running the for Exhilway and Agaisnt Asshok Oswal campain does any one understand... For and Against campainged staged?

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ca_nareshagarwal
, IN
Apr 25, 2015 7:31 am EDT

One more post...

Where he is home tutor...money can boss make anybody do anything...

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ca_nareshagarwal
, IN
Apr 25, 2015 7:30 am EDT

I researched on this man ashok ostwal...search his name on internet and you will see that he is involved every stupid act...he is threatening ministers on twitter...abusing property dealers because they fail to find rs 5000 room for him in bangalore...who will give you room rs 5000 in bangalore? then he is posting ads that he is home tutor and at another point his company crescenthum partners become some multi million group...

this man has possibly threatned many clients and funds...

who are you a CA? or a Home Tutor? Or Some property broker? A fraud CA? The chairman of crescenthum partners? A man who makes money by threatening people

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ca_nareshagarwal
, IN
Apr 25, 2015 7:15 am EDT

great the man who is complaining was the real culprit in himself ...shame on you Mr. Ostwal.

His CA degree should be revoked.

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vittalji
, IN
Apr 25, 2015 7:10 am EDT

You are not a CA but a trader and the complaint must be given to ICAI with immediate effect.

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vittalji
, IN
Apr 25, 2015 7:01 am EDT

Dear Ashok,

I have done a research on your fraudlent company crescenthum partners. The company boasts on several websites that your fraudulent company provides PE funding, distributes fund, private equity and debt syndication. As a CA you are not allowed to do all this if you are in practice and before all this YOU DO NOT HAVE A SINGLE LICENSE TO DO ANY OF THE ACTIVITY YOU HAVE MENTIONED. THE DOMAIN NAME IS REGISTERED UNDER YOUR NAME. THIS CLEARLY MEANS THAT YOU ARE THE GUY WHO CHEATED 57 CLIENTS TOOK RS 50 LAKHS ON AVERAGE FROM EVERYBODY PAID FUND RS 50000 FOR THEIR SERVICE AND NOW YOU ARE CLEARING YOUR SINS BY WRITING ON THE INTERNET.

ICAI MUST BE INFORMED ABOUT THIS ACT AND HENCE THIS IS CLEAR THAT YOU ARE A CA AND A BUSINESSMAN WHO DOES NOT HOLD ANY REGISTERATION FROM ANY AUTHORITY IN THE WORLD BUT IS PORTRAYING THAT YOU RUN A LARGE COMPANY. YOU ARE A FRAUD CA!

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vittalji
, IN
Apr 25, 2015 6:56 am EDT

Mr. Ashok Ostwal,

I searched about you on the internet and found that you yourself looks like a suspicious fraudulent CA and the matter must be taken to ICAI with immediate effect. You was part of a Sconto deal which in several releases is associated with the fund.

Your company crescenthum partners boasts to be in investment banking, private equity and other transactions and you had never applied with RBI or SEBI for any licenses nor have any. Now, the question is how many PE transactions have you done? How much money have raised till date? and where is your crescenthum partners registered? You are not even registered in RoC...there is no details in US records...and your clients and details are too suspicious...

This clearly means that with one hand you was doing the documentation of the clients and from other hand you was taking money in crescenthum partners. This is really suspicious. Your website is down and is suspended and the domain is registered in your name (http://crescenthum.com/).

This is quite clear that you cheated your clients, made money and escaped and then you are publicly blaming the fund. This is now out in the open that you are the real culprit who cheated 57 clients and raised not Rs 30 lakhs but Rs 50 lakhs per client on an average. All the clients are running after you, hence you are cooking stories on the internet to save yourself.

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gopalguru
, IN
Apr 25, 2015 5:58 am EDT

Kindly stop all this and wait for the fund to revert.

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rajsekhar1
, IN
Apr 25, 2015 12:50 am EDT

This is the filing which I was referring to.

Mr. Ashok if the fund is delayed you must talk to the fund why creating havoc out of nothing due to personal grudges?

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rajsekhar1
, IN
Apr 25, 2015 12:47 am EDT

This is a clear case where a CA charged for his service and the fund got delayed. Now a CA can't refund his fee because he says he has helped the clients on documentation and since the fund never took the CA fee, this CA is pointing fingers at fund.

Why you was hiding your identity since yesterday?

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rajsekhar1
, IN
Apr 25, 2015 12:44 am EDT

Dear Ashok,

Registered agent to the fund is similar like Karvy or other registrars who manage and represent the client. Resigned agent account does not mean closure. As per the law no same auditor or agent can continue for 3 years. Resign does not mean closure of services.

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rajsekhar1
, IN
Apr 25, 2015 12:41 am EDT

Dear Mr Ashok,

First please use your name instead of some dummy id's before I answer your questions. The point is that I am not associated with the fund but I am also referring to several details. Please answer these questions before we move ahead:

Question 1: In one of the post you have said that you was collecting money on behalf of the fund and interacting with the clients. How and why you was marketing third party services when you claim yourself to be CA?

Question 2: According to you 57 companies paid Rs 30 lakhs on average, then why dont you post details of atleast 10 companies who paid this amount for a PE?

Question 3: Why your clients have posted against you on the internet that you never talked to them after taking money and they complained to the fund regarding your problem?

Question 4: Why was you terminated from the fund but prior to that you was happily covered in some press releases?

Question 5: Was you not fame and money hungry when you started collecting money?

Question 6: The problem arised only when your clients demanded the fee which you have taken from them? No body asked for rating fee as you have stated?

Question 7: How many of your clients who you have referred to the fund are funded by some other PE fund?

Question 8: Isn't it true that you shared a close relationship with your clients prior you referred them to the fund and you failed with most of them?

Question 9: You have intentionally favored few clients who paid you well and rest you left complaining here and there?

Question 10: Where are you exactly based and what is the name of your firm?

Question 11: Why you are found on the internet promoting yourself via press release when ICAI don't allow this?

Question 12: You own a firm called crescenthum partners which was working as your front end for fees from several clients and then you never came back on it? Is a CA allowed to float crescenthum partners and run it?

Question 13: Why you raised this issue two years after you left the fund?

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sidvas
, IN
Apr 25, 2015 12:14 am EDT

as file in sec

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sidvas
, IN
Apr 25, 2015 12:13 am EDT

Dear Mr Rajsekhar... this discussion seems really one sided...
1. SEC records doesnt show any information other than that 'firm commitments given" no other details given.Please find in the url below -- http://www.sec.gov/Archives/edgar/data/1612442/000161244215000005/xslFormDX01/primary_doc.xml
2. All filing in delaware are not upto mark... please check attached in next post...
3. You are having so much information being an outside guy.. Can you share from where you got hold of this public information. Please post that here so all the people who are trying to defame the fund will shut their mouths...and stop this barrage of q&a

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rajsekhar
, IN
Apr 24, 2015 11:41 pm EDT

Dear Friends,

My name is Raj Sekhar and I am a litigation lawyer based out of Goa area. I am seeing this post since yesterday and would like to add my comments to it. It is quite obvious from this post that both the parties are using fake id's to justify their point, no body is admitting truth and somewhere it is looking like personal grudge of some former employee with the fund and somebody from the fund is also actively counter attacking.

However I have read each of the comment and through my personal experience I will try to put my views here.

I have done my part of research on both the parties and I understand that I am in a situation to comment. However my opinion is not a legal opinion.
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Question 1: Is Exhilway a genuine fund?

It seems so, the SEC, DJIA and IGO filings in US are complete and up to date. The fund is filing income statements regularly and is booking losses on account of Exhilway Global Opportunities Fund. The fund has paid a registration fee of US $1.9 million or close to Rs 12 crore to the several state authorities in the last 3 years. There was no penalty ever imposed on the fund and the directors enjoy a clean status.

There are no filings prior to 1997 in US, however in Canada authority website the one filing of 1989 is visible.

Question 2: Who are the directors?

This is quite fishy as other than Larry Carlton and James Adams rest all have demanded secrecy. This is however common as many companies in US demand secrecy with their people including whose who of Apple, Google and Microsoft. However, the only problem is that the fund has not introduced their fund manager in the market which is ideally wrong. The question is who was the fund manager who was supposed to manage the fund? They must have disclosed their fund manager name in case they were running out of time or seeing delay with the fund. The fund manager called Timber Lakewood was filed with NJ state in US in 2012 December but have put in papers after 6 months in (2013), since then no fund manager took charge.

What was the reason? Have fund not paid him well?

The answer is fund paid him US $25, 700 per month or Rs 15, 93, 000 per month as per the filings. The reason is delay, may be the investors was never interested or the portfolio of the fund failed to impress investors.

Also, Exhilway has never started any fund after Exhilway Global Opportunities Fund I.

Question 3: Can fund charge fee in thousands, lakhs or crores?

There are actually three kind of funds: Startup funds, Venture Funds and PE funds all are different from each other. Ideally, funds charge minimal fee which ofcourse run into lakhs, this is quite a trend these days. Even the biggest private equity funds in India ask Big 4 audit firms to conduct audit on the client and the client bears the cost. I agree firms like KPMG, PwC charge 50-75 lakhs for due diligence depending upon the turnover. Now, the issue with this fund is that they finalized companies before they raised money which backfired on them. Ideally, funds are blind pools and they invest within 12 months of conducting due diligence.

The SEC records show the name of 7 investors who backed Exhilway who have also backed 21 more funds, hence the investors seems genuine.

Also, the finger is pointed on the agencies involved. The agencies may exist as some records are traceable, however the concern is cost. If the fund have overcharged or the staff made extra money by referring people this may be the problem. The fraud is at the level of employees or the people who referred clients.

Question 4: Is the fee refundable?

Referring to several cases filed on investment boutique banks in India such fee is non-refundable unless stated or if it is proved that a client paid more to agency and the fund shared some pass backs. This is a different view altogether.

If a service is rendered, and especially rendered 2-3 years back and the fund got delayed, ideally there is no refund. If a client has paid for a service which is not rendered then yes it may be refunded.

The thing is that whatever documents the client received from third party agencies can be used everywhere. If you get a business plan for a specific fund and they backout, your plan is still reusable.

IF THEY HAVE OVER CHARGED FOR THE SAME SERVICE THEN IT IS WRONG AND PUNISHABLE.

I must ask how much fee the fund has charged for due diligence as it is one of the costliest service in the financial industry.

Question 5: How was fund paying US $2 million to State authorities and salary to the fund manager?

The fund paid a fee of Rs 12 crore to the government, hence this is quite a fact that there is no issue on legal grounds. The issue is with the intent of people involved, ideally the fund manager or the investors shown poor interest for the fund.

Question 6: Have investors put in money or backed the fund?

Yes, the investors backed the fund with US $180 million the filing is with all the authorities and the investor details are also disclosed. US $91 million is still in escrow account managed by Anthony Bell. This means 50% is withdrawn and the investors might not have liked the fund manager or the portfolio which they have finalized.

Conclusion: The fund has genuine activities but is secretive on top management. The fund is timely with taxes. The fund has also received good investor intent to the tune of US $180 million but 50% of them have withdrawn intent due to undisclosed reasons. The reason may be fund manager of the fund or the poor portfolio of companies.

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rajatvishwas
, IN
Apr 24, 2015 10:22 pm EDT

Good guess by akash nair, Ashok Ostwal is the CA behind these posts who is becoming dharamveer, dharamjeet etc. this is the personal matter of the fund and this is quite obvious that fund has only suggested third party service providers and since you are CA as per online research, this is for sure you might have prepared financial statements and guided your clients. You also sourced clients, are they funded by anyone? Or you just referred a set of foolish clients to the fund in anticipation of funding. The problem it seems that you personally charged the clients and they ran after you for their money, then you might have started blaming fund.

All your IP's are same. Dharamjeet, Dharamveer are replying in 5 minutes gap and then Ashok Ostwal writes his clarification for Anuj. No client from private equity space and especially startups as you are quoting have paid 30 lakhs.

Ashok ji, this is however true that large auditing and due diligence firms charge 50 lakhs and above per client and completing documentation is not a promise to fund.

You are defaming fund invisibily then somebody from fund will defame you somewhere. You are a CA who was part of the fee collection, who marketed services which was never forceful. Everybody here is now aware that you are the author who is spreading stupidity. What you are doing is defamation to hide your deeds. Not everybody is using fake id's like you because people know in preparing documents, business plan a cost is definately involved.

You will defame them, they will defame you. So put end to all this and let somebody from fund reply.

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mukulrawat
Submit Road, US
Apr 24, 2015 1:37 pm EDT

The list of state wise IP used are as follows:

Author of complaint: Bangalore
Replies: Mumbai, Delhi, Singapore, USA, Pune and Hyderabad

The people who was favoring the complaint are surprisingly from Bangalore.

Wow!

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mukulrawat
Submit Road, US
Apr 24, 2015 1:30 pm EDT

Ashok Sir when the fund is delayed all term sheets automatically stand delayed. Are you doing this because you was fired from fund and it is a revenge? Why not you talk to fund directly.

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mukulrawat
Submit Road, US
Apr 24, 2015 1:27 pm EDT

Also going by the posts you was asked to leave the fund when you was caught red handed. What is your take on this and also somebody from the fund must clarify your stand. No body is against the man Lalith Prasad but everybody is blaming you. In one of the post somebody has also said that you took advance in terms of shares etc. and also you forced your clients to shell out money. Somewhere you also restricted fund to access clients so that you can freely market your false services.

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mukulrawat
Submit Road, US
Apr 24, 2015 1:24 pm EDT

Great to see atleast one person who was part of the collecting service fee. But Ashok Sir the compliant says that Rs 30 lakhs on an average was given by each client. This is for sure that you have taken your fee too and going by your words this is clear that fee was paid by client for third party services where you collected money and paid to Exhilway account. A fund can only suggest vendors then why you became the marketing channel who sold third party services. Your greed is also quite clear. We are sure that the amount is not Rs 30 lacs per client and how come you as a representative never received invoice and why you allowed client to live with invoice or possibly you never asked the fund to issue invoice so that you can overbill your clients?

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Ashok Ostwal
, IN
Apr 24, 2015 12:52 pm EDT

Hi Anuj2,

For your understanding, i am clarifying your comments on myself and Lalith Prasad. we havent taken fees for any business plan writing from any clients. In most cases, the fees for valuation, PR, rating and demat is paid into exhilways account directly by client. In few cases, the same is paid to us and further transferred by us to Exhilway reason being exhilway has a habit does not issue invoices... Not a single invoice issued to client or us for any payments made to us.

why dont u prove one transaction completed by exhilway in India to bring this discussion to end... i am sure you dont have an answer to it... I can give the list of client on PAN india basis who are given term sheets and being fooled around...

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dharmverr
, IN
Apr 24, 2015 12:48 pm EDT

Mr akash nair - "I strongly disagree with this view point. The fund is genuine and is operational since 2001. " ashish varma..
DNS management company? What is it? Owner of website is always the owner... not outsoruced company is owner of domain... Please understand? Mr Nair are upi from fund or you are a company supporting the fund? "
Everyone is using fake id's here... None is genuine.. Can any official Person from the fund respond

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joyes
, IN
Apr 24, 2015 12:42 pm EDT

Ah can we find the IP id here? Really please let me know the IP address of all these guys..

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akashnair
Leta, US
Apr 24, 2015 10:26 am EDT

Let me clear that I am no longer associated with the fund but I have worked for many PE funds in the past as I used to source deals. The fee is never charged by the fund, but by agencies. ABY Limited is not the only one associated with the fund. KPMG & E&Y is also associated, are they closed too? Why are you finnicky about everything? Please stick to your problem, what you are doing may land you into trouble as you are using fake id but using same IP. This called defamation and is punishable. You post the receipt which everyone asked you to do.

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akashnair
Leta, US
Apr 24, 2015 10:14 am EDT

First of all you are using fake id's to reply. Why you are not sitting with one id. Leave aside Indidebt.com, it is clearly written it is a company which was in their incubator. A PE can certainly pay for the clients. What is wrong in that?

First you prove your point that you paid Rs 30 lacs. We are all here to help you but you are counting all stars in the universe. You are talking about all companies but no body knows who you are? Which company you own? This proves that you are here with a defamatory motive.

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maurces1
, US
Apr 24, 2015 10:05 am EDT

There was a news article few months back that a website by name IndiDebt.com is being funded by exhilway to a tune of 4 m dollars. this website is not online. this wbesite is that is th www.indidebt.com was purchased on june 5 2014, the news announcement came on june 9th... so fast a website get sfunded. the joke thing for this is that the website was purchased indidebt@exhilway.com ... So exhilway funds its own companies? Does this way pe fund happpen?

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akashnair
Leta, US
Apr 24, 2015 10:00 am EDT

Dear Dharamjit, No body has stated that the fund was started in 2001. It is mentioned that several other services are operational since 2001. Also, what I can figure out is that you are using several id's to post comments. We know you are the writer of the complaint.

Coming to the point, the fund is never incorporated as a company in Delaware it is registered as a fund and handful of authorities approve it. It is clearly mentioned that the fund was delayed due to some reasons which certainly I am not aware of. If you have paid in lakhs post a receipt. Dont pass time writing absurd things which cant be proved.

Several rating firms dont use phone numbers to avoid telephonic discussions. Also, if the service was rendered years back then why you are sticking to this point today? Saying is not believing you must have some receipt. Getting rated and valued happens before the company is taken on board and availing this service does not mean that any fund is bound to fund you. Banks before they disburse loans seeks CRISIL rating, if you score poor there is no refund and even if you do well and get funded they only get a pie of that.

The invoice is the true picture, you must have received it for the service. You must have paid for some service, why will you pay if there is no service.

I checked the Kolkata domain you are referring to. It belongs to some DNS management company, dont you know that foriegn firms outsoucrce tasks? When you call any international customer care, the higher chances is that it is routed to some Indian call centre. This does not mean that the firm is relocated.

There are some real estate investments which was done. The fund have never started any new fund after the announced fund. The reason for delay was poor asset quality and they failed to pay US $30 million underwriter fee. A part of them as per the DMIJ USA records state that 26% of the fee was paid and the next date is this May 31 2015.

There is no point blaming huge amount if you cant post invoice. The fund has also reimbursed several fee and the people only paid Rs [protected] maximum fee as per their filed statements. The problem is definately with the agencies who wrote your papers and prepared you for ratings.

The leading funds charge huge fee, try reaching largest funds or they simply refer you few CA's. This is the general practice. The delay was accepted. You must write to the fund. Even your identity is hidden and no body knows who you are. May be you are the CA himself who is defaming fund to hide their own deeds.

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connughon
, US
Apr 24, 2015 9:54 am EDT

mr rav_k9 seems you are a genuine personal and concerned about me, as you say you help me.
Can you post your official id here, if it is okay and you wont run away...As generally any corporate company will take a complaint genuinenly and try to sort it out amicably.But here everything seems to be mudslingling only...All the other people blaming the author of the post...without trying to understand the wtiter problem or genuinity they are just bashing the writer without any reason as such as if they felt it is their personal issue... this author just asked a question then all names are coming out and accusations are being made

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bonohk
, US
Apr 24, 2015 9:47 am EDT

The company which did the due deligence is based in UK...They dont have any contact numbers aswell. Is it possible that any company as big as they proclaim dont even have contact numbers but just have email id's?...
Seriously something fishy...Except the website and the physical address which is random, no information of the people, promoters, management nothing is visible...nothing is visible other the website which was rushed to be putonline?abyfinserve.com
the address in the The abyservices ltd website is shown in the Check this
http://www.ukaddressbook.uk/a/4-grantham-close-edgware-middlesex-ha8-8dl
the company registered with that address is policy investment services ltd which is dissolved.
http://ukdatacentre.co.uk/search/?q=4+Grantham+Close%2C+Edgware%2C+Middx%2C+HA8+8DL.+UK. shows the list of all companies in the address but this aby is not visible? so?fake?

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stephenemi
, US
Apr 24, 2015 9:44 am EDT

Vikramsolar23, your company was rejected 7 times? In general conditions you cannot apply to the same fund if rejected for a period of 6monhts to 12 months...so you are applying for 3 years to 7 years... congratulation. all the best next time...

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rodeemi
, US
Apr 24, 2015 9:39 am EDT

amazing responsed with amazing speed...Why all these guys angry and frustrated and ready to lynch the author?. Seems you are also a client of the fund isnt it or a dummy of the fund, that they are posting with your name?why are you concencerned abott3 reasons forthis guys being be funded?You say your company is Setimports in ahmedabad, innit? I dont see any company wiht that name registered in INdia, if you are firm then how come your firm is eligible for the fund? Godsaken firms are not funded by PE fund.
Why is everyone frustated that the author waited for the fund?

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dharamjit
, IN
Apr 24, 2015 9:34 am EDT

Dear Mr Verma...Thank you for the fact that you disagree with my comments.
-Company is operation from 2001?
Is this as a Fund in INdia or out side india? If in India then as a firm? Definitely not as a company.
If outside india then where? The 3 companies in USA are registered in Delaware as recently as in 2013, then where is the point that fund started in 2001?
A company in delaware can be started by any one from anywhere with as little as 1000 USD, it seems isnt it? Show me one source where you can confirm that fund is started in 2001.?
Rating & Val-the company which rated and valued the companies is newmanasset assumingly in USA. But the domain name is registered from Kolkatta, Where is the phone number? Only emails alway?how is this possible.If you can check in the website than you can see the fee's these people collect whcih runs to lacs even if someone is taking 10 crores of fund. So where did this meagre 18, 000/- come from?
Ashish verma ji, you say you got funded in back 2003? Okay..congradulations. What about from 2003 till 2015, no funding

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anujsingh9
, IN
Apr 24, 2015 7:49 am EDT

I am a lawyer myself serving Mumbai city. Several cases like this are imposed on several investment firms.

The law allows them to be satisfied with the client papers. No fund forces people to pay for writing plans. Funds generally avoid it and suggest few people.

PE funds may get 3-5% referral fee but this does not mean that they ran. The fund is delayed that is okay but they must have informed the person. In financial industry there is always a fee which is refundable and some fee are non refundable in nature. If the client pays for due diligence he will borne the cost, and if there are some other costs which are not applicable but paid by the client is always refundable. You must refer to the receipt.

I dont think that the author has even paid 30 lacx as he is saying.