LVerstee
2 días hace
YES, WE funded your children's educations. Now, let’s address some key points:
- What funds were used to acquire Interups? SIRI GAM
- Which entity facilitated the acquisition of Interups? SIRI GAM
- How much did your daughter draw from Interups in 2016? US$645,523
- What amount did RB draw in 2016? US$4,230,822
-What cash compensation did you pay out to SIRI and then Interups shareholders? ..........
- Why withdraw such big numbers when the company at the time needed that money for near future operations? .........
You have a tendency to tell stories and avoid answering direct questions from people. Instead, you chose to focus on my remark, using it to stage this act of feigned anger. And once again, you’re copying others into the conversation. Who in their right mind stands by you? You can't even open a bank account. If true that's another clear sign of being unfit for the job. If a lie that's another clear sign of being unfit for the job. See what's happening there? You created your own downfall with the constant lies. Playing the sympathy card doesn't work.
Your statement provided is lengthy and emotional focusing on defending your "reputation" and emphasizing "integrity," but you avoid directly answering the questions.
Address the unanswered questions others have raised. You don’t want me to start asking the tougher rhetorical ones. You won’t have the time to deal with those anyway.
Goldberg Jackhammer
2 días hace
I appreciate the clarity and detail you provided regarding the company's situation and the broader responsibilities of the Board of Directors.
You’re absolutely right to highlight that it's not solely on Laxmi’s shoulders; the BOD has a significant role in ensuring the company is properly capitalized and its obligations to employees and vendors are met. Understanding the structure and involvement of Likhitha, Kautilya, and others gives important context. Their integrity and dedication, as well as the potential personal and professional consequences, reinforce the point that this is more a case of financial struggle rather than malicious intent or deception.
Your perspective, having worked closely with the leadership team, is invaluable. It lends credibility to the view that the company’s challenges are typical of startups navigating difficult growth phases. The mention of credible partnerships with major European and Indian banks, even if details can’t be fully disclosed, is encouraging and suggests that there is a foundation for future success.
I agree that waiting for the company to stabilize its financial position is the most prudent course of action. Open, structured communication with shareholders and stakeholders will be crucial during this period to maintain trust and manage expectations.
Let’s hope the company can resolve its challenges soon, for the benefit of employees, shareholders, and the leadership team alike. Thank you again for your balanced insight.
RealDutch
2 días hace
Laxmi will probably reply to you later today even though some of us asked him not to reply to IHUB posts (and send a copy to the entire shareholder base). This is simply not the way the company should communicate.
Couple of things I want to say.
1) It is not just Laxmi. It is the Board of Directors' responsibility too, or to a large degree, to properly capitalize the company and pay their employees (and vendors etc). So he shouldn't take all the blame. I'm not 100% sure who is on the BOD but I think it is Likhitha and Kautilya (two of his children) and two or three more.
2) Much of what you say rings a bell. But when you say the company is a scam or Laxmi is a scam then you are going wrong. It doesn't make sense because
- I should probably know something after working for them for 2 years. And I worked closely with Laxmi.
- Likhitha and Kautilya would have to be in on the scam. (As well as Lekha, his 3rd daughter and Geetha, his wife). That doesn't seem logical or plausible at all. Not only are they highly educated but they are also people with high standards of integrity. To put it in simple terms, they wouldn't hurt a fly.
- I have seen a lot of scams particularly in China. And it is usually one person operating alone, with a lack of control.
3) The company simply has to pay its employees, and they will. Because if they don't, not only would the lives of Likhitha and Kautilya be ruined for this company, but for every company they could potentially work for in the future. Along with the lives of many of the other employees and shareholders. Again, it doesn't seem like a plausible scenario that Laxmi would do that to his beloved children. along with all the rest.
4) So we can conclude that the company is not a scam. They are simply struggling big time like most (or all) startup companies do. They all struggle. I warned about this 18 months ago. And you can see now why.... I warned about it. Someone asked me who the banks are which the company is working with. That's a good question because that could give the company some much needed credibility. But of course I can't give you any names even though I know most of the names. I can tell you they are really big European banks. Three of them. Another one in India and perhaps they are working with some more banks as well. This kind of partnership (at such an advanced stage) is something I have never seen before with a startup company. And if it did exist somewhere then the startup company would have been acquired pretty fast by the big companies. So that gives us a good indication of the potential this company has. The next question could be, what agreements have been signed? Several. Again, I can't talk about it. But there have been 3 that I have seen or reviewed. Which shows the partnerships are very real. Nothing is 100% certain in life and I have seen some strange things happening before, but these partnerships appear to be the real deal.
There is not a lot more to say. Keeping it short. The conclusion should be that we simply wait for the money. And then all (or most) of the negativity will go away.
MrSteven
3 días hace
This message is to express the growing frustration, anger, and disappointment I, along with many others, have experienced with Laxmi Prasad and his so-called "Chit Fund" organization. For far too long, we have been misled, manipulated, and kept in a state of false hope due to repeated promises and unfulfilled commitments.
It has become clear that Laxmi Prasad is intentionally dragging out this process without any genuine effort to fulfill his obligations. Each day, he repeats the same excuses, stating that he is "contacting the bank," "the bank will revert soon," "all procedures are done," and that the bank account will be opened "shortly." We were told the account would be opened by a certain date, only for that date to pass with no progress, and then the new date would be set—by Monday, by Tuesday, by Wednesday, and so on. This cycle has continued without any tangible results
Despite numerous reassurances, no funds have been transferred to anyone—no one has been paid, not even the staff members. This is a clear indication that the promised transactions for the 442 accounts were never initiated, as the bank account required to carry out these transactions was never created in the first place. Laxmi Prasad has made repeated excuses regarding KYC issues, bank account opening issues, documentation issues, Anti-Money Laundering (AML) issues, compliance issues, and what seems to be an endless list of excuses. But at the core of it, there is a clear and undeniable truth: no transactions have taken place, and the account has not been opened.
Moreover, Laxmi Prasad continues to manipulate the situation by keeping everyone in the dark. He deliberately avoids sharing information about how many people are involved in this operation, and he refuses to exchange email IDs or allow people to respond publicly. His insistence on saying that "400 members are in this email chain" or "650 members are in this email chain" is simply a fabrication. In reality, the number of people involved is far less—likely no more than 100 or 150.
This lack of transparency is alarming, as it raises serious concerns about the integrity of this operation. Laxmi Prasad has intentionally created an environment of confusion and secrecy, possibly to avoid scrutiny or any public backlash from those he has deceived.
What is perhaps most disturbing is the emotional, mental, and financial toll this situation has taken on everyone involved. Laxmi Prasad has played with people's hopes, emotions, and expectations. Many have invested their time, energy, and money into this venture, only to see their trust exploited. For some, this has affected their mental well-being, and for others, it has created significant financial hardship. People’s lives have been impacted in ways that extend far beyond financial loss. Their mental and emotional health has been severely compromised by this ongoing deception.
It is time for us to acknowledge the reality of this situation. Laxmi Prasad’s actions are nothing more than fraudulent behavior aimed at exploiting people’s trust and hopes. It is clear that this organization is built on lies and deceit. His continued avoidance of accountability only reinforces the notion that this is a scam.
At this point, it is essential that everyone involved takes action. Whether through legal means, filing complaints with appropriate regulatory bodies, or simply spreading awareness of the fraud, we must ensure that others do not fall victim to Laxmi Prasad’s schemes. This organization, and its dishonest leadership, must be shut down before more harm is done.
We cannot allow this kind of behavior to continue. No one should have to suffer the way we have under the manipulative control of Laxmi Prasad and his fraudulent chit fund operation. I have received only 22 communication so far I request everyone to contact me and we are in process of taking him down legally.
MrSteven
6 días hace
Incredibly serious situation that is impacting all employees—both in India and the US—along with our vendors, stakeholders, and investors. Many of us are facing extreme financial difficulties due to the non-payment of salaries. In India, some have gone without payment for 8 consecutive months, while in the US, the situation has dragged on for over 15 months.
This has created an unbearable strain, not only on our financial stability but also on our personal lives. Many employees are in debt, struggling to meet basic needs, including paying for utilities, medical emergencies, and rent. There are instances where employees have been forced into dire situations, such as the inability to afford necessary medical treatment for themselves or their loved ones.
In addition to this, promises that were made—such as providing medical and term insurance—have not been honored. This has resulted in significant hardship for employees who, in good faith, trusted these commitments. As a result, we are seeing a rise in emotional distress, with some employees even reaching a breaking point due to the unrelenting financial pressure.
What is even more concerning is the response from leadership when these frustrations are expressed. When employees try to raise concerns about their non-payment and the impact it is having on their lives, we are met with defensiveness and anger from Laxmi Prasad. Employees who voice their struggles are facing retaliation, such as having their amounts frozen or even being terminated. This is an environment where fear of speaking up has replaced open communication and the chance for resolution.
The toll this is taking on people's mental health cannot be overstated. Many are not only facing financial ruin, but are also experiencing a deep sense of betrayal and abandonment. It is imperative that we, as a team, start addressing this issue with the seriousness it deserves.
While it is understandable that tensions may run high in challenging times, no one should be afraid to speak up about the hardship they are facing. A leadership approach rooted in empathy, accountability, and constructive dialogue is essential for navigating this crisis. Employees should not have to bear the brunt of a situation that is beyond their control, nor should they be silenced for expressing valid concerns.
At this juncture, we need to come together to demand a change in approach and leadership that respects the dignity and well-being of all staff members. It is time for action, not silence.
MrSteven
7 días hace
As part of my ongoing investigation into Laxmi Prasad’s activities, I would like to share additional evidence that I believe may shed more light on the situation and provide a clearer understanding of his actions. Specifically, I would like to bring to your attention a recent email sent by Laxmi Prasad in which he categorically denied the acquisition of Mercantile Bank. Mr. Jackhammer I would appreciate if you can add the copy of email here as evidence. This denial may help highlight the inconsistencies in his statements and further support the concerns we’ve raised regarding his credibility.
Furthermore, I have been in communication with several employees based in India, and I regret to inform you that their experiences with Laxmi Prasad have been troubling. Multiple individuals have reported receiving extremely harsh, aggressive, and abusive emails from him. In these emails, Laxmi Prasad has allegedly threatened to file complaints with the police against employees, using intimidating language. He has also specifically targeted a female employee, threatening to freeze her funds simply because she has stood by the facts and refused to be complicit in his misconduct.
Such behavior, if verified, raises serious concerns about Laxmi Prasad's integrity and professionalism. It is difficult to trust someone involved in fraudulent activities and who resorts to threatening and abusive tactics to silence those who challenge him.
MrSteven
7 días hace
I believe he is engaging in fraudulent activities. Laxmi is a mystery, much like the Bermuda Triangle he draws people in with promises of investments but is never forthcoming with the returns or dividends.
Laxmi has repeatedly made false commitments without honoring any of them, leaving investors in the lurch.
Here are some specific instances of Laxmi’s actions:
Laxmi has consistently claimed that he successfully acquired Mercantile Bank, stating on numerous occasions that the deal was finalized. However, I have documented evidence from various sources—one of which is a written statement from Laxmi himself—where he insists he has no connection to the bank and does not mind if others pursue the acquisition. This is in direct contradiction to his previous statements and misleads investors into believing in a deal that never existed.
Laxmi also claimed that he had invested in real estate, specifically securing a deal worth $24 million. However, after further investigation, I obtained evidence from a broker involved in the transaction, who confirmed that the property was never sold to Laxmi. In fact, it was still listed on auction at the time of his claim. Despite this, Laxmi continued to state publicly that he had already purchased the property, which was a complete fabrication.
Over the past 15 months, I have consistently asked for updates regarding investment and the promised returns, but Laxmi has failed to honor any of his commitments. No payments have been made, and no dividends have been received. This has caused significant financial strain, and I suspect many others may be facing similar issues.
I have gathered all relevant documented evidence from various sources, including emails, recorded conversations, and formal statements from brokers, confirming the falsehoods and misleading claims made by Laxmi Prasad. I am willing to share this evidence with anyone who is interested in pursuing justice or verifying the claims.
If you have been impacted by similar fraudulent behavior or have been misled by Laxmi, I strongly encourage you to reach out to me. I am prepared to share all the evidence I have to expose these dishonest practices. I believe it’s important for others to be aware of these fraudulent activities to prevent further harm.
Goldberg Jackhammer
1 semana hace
From what I’ve observed, there are signs that suggest fraud might be taking place regarding I noticed Lakshmi lying and changing his statment over period of time this tricks the red flags, e.g., "fake 442 bank transaction, Acquiring mercantile Bank,Fake employment generation, sabotaging 50 Indian employees,the lack of official documentation," or "unusual behavior of Lakshmi towards investors or employees when they criticize
I know this is hard to believe, but I want to make sure investors and employees interest is protected. It might be a good idea to verify the details, such as checking official sources, researching the parties involved, or consulting with an expert.
Resolutions to the matter is in the interest of everyone
I will wait for Lakshmi lengthy mail to clarify these info I asked
karlacorn3
1 semana hace
Wondering if this info is to be received as stated on the 15th.
Respectfully,
K Likewise, I will be circulating to the shareholders tomorrow, of our payment resolution and the tentative date we would be making the cash grant payout -- we will not go blank for sure,
Thanking you all for your continued support, Very decisively I remain,
Laxmi Prasad 11-15-2024
MrSteven
1 semana hace
There have been numerous instances where statements made by Laxmi appear to conflict with the facts at hand, and I feel it is necessary to highlight these discrepancies in order to avoid further confusion or misunderstanding.
Firstly, it has become evident that the funds have not been distributed as promised. As per the information shared by LV, no one has received any payments yet—despite claims to the contrary. It is important to note that all the wires processed to the 442 members, as mentioned, came from an account that supposedly never existed. If the bank had refused to process the transfer, it is reasonable to assume that Laxmi should have received the funds back. So why, then, is there no evidence of these funds being sent, and why are people still waiting without resolution?
Additionally, Laxmi's repeated statements about not having sufficient funds are increasingly difficult to believe, especially when 50% of the total outstanding balance was claimed to have been wired to 442 members. This is a significant amount, and yet, there are no visible traces or proof of the transfer. It's becoming increasingly hard to ignore the possibility that these funds may not actually exist or were never properly allocated.
Further compounding the situation is the fact that, in the 21st century, in one of the world's largest economies, Laxmi Prasad is still facing issues with account creation and has not completed the KYC process for the past six business days. This delay is not only inconvenient, but it raises serious concerns about the legitimacy of the operation.
Given all these factors, I must express my skepticism about Laxmi Prasad's intentions and ability to fulfill the commitments made. The lack of transparency, the unexplained delays, and the conflicting statements suggest that this situation may not be as it seems. Laxmi's inability or unwillingness to provide concrete proof of funds or make any significant progress in resolving these issues raises serious doubts about his integrity.
At this point, I believe it is crucial to reassess the situation and consider alternative measures to ensure that those affected by this delay are properly compensated. No one here has confirmed receiving any credit, and until there is clear evidence to the contrary, I believe we must proceed with caution.
LVerstee
1 semana hace
You say I am the problem and you put it on stupidity.
Maybe you should actually read what you write before sending it out. Here is the email you sent on November 4th. A lot of will be paid and will receive and then a BIG CONTRADICTION at the end.
Either lies or stupidity on your end but you can't wire if you don't have an account to wire from.
And if you were able to wire as you wrote then that means you either have the money or are making it seem as if you have the money to wire. That is pretending and/or lying. Which one is it? Whatever you pick it's no good.
.
Dear All,
Here is the progress sheet --
Indian Staff
(1) We are remitting tonight US time, 50% of the net payment outstanding to the Indian Staff continuing on rolls
(2) And we are clearing payment in full balance settlement to Indian staff who resigned/terminated in October
(3) All those who resigned as of July 4 (not joined back later) and all those who resigned later will be paid out later in this month unless we have agreed to payout to them.
Cash Grant Non-US Persons
(1) Cash Grants will be paid out to Non-US Tokenholders holding < 600,000 tokens tonight US Time, and they will receive credit in 48 - 72 hours as scheduled on or before the 7th of November
(2) Cash Grants will be paid out to Non-US Tokenholders holding more than 600,000 tokens tomorrow tonight US Time, and they will receive credit in 48 - 72 hours as scheduled
(3) 50% of All non-us staff & non-Indian payouts will be wired tonight night but if the bank consumes time to process cash grants payout, then they will have the wires processed tomorrow night which the non-us staff could expect credit into their accounts in 48-72 hours.
Cash Grant / Staff Payouts to US Persons (Staff and Tokenholders)
(1) Cash Grants / Staff Payouts to US residents will be paid out tomorrow -- Citi is still completing certain formalities for opening the account. And we should be able to close their requirements today and wire moines tomorrow.
We are not considering using Bank of America pending the receipt of $2.59 M which is also due anytime now. The waiting period on regulatory clearance is complete and we are expecting this credit anytime now.
sincerely,
Laxmi Prasad
LVerstee
1 semana hace
Laxmi, you spend a lot of time deflecting and accusing honest people of being criminals.
You send emails while claiming you’ve hit the "ignore" button, all in an attempt to discredit individuals who simply ask reasonable questions that you could easily answer.
Here’s a straightforward question: How can you have funds in an account that hasn’t even been created yet, where the KYC process is still pending, where you previously claimed that all wires had been processed and wired, after which some were halted as punishment, then all wired would be processed again yesterday and wired out today. Now, you’re saying you're still waiting to hear from the bank—either today or tomorrow? And now, the "IF" disclaimer pops up again followed with a mention of a Plan B.
Could you provide a clear, honest response for those who still believe in you?
Maybe your trusted RD can help post it here for you.
MrSteven
2 semanas hace
From my understanding, the individuals currently supporting Laxmi may be doing so due to the delays in receiving their wages and the pressure of trying to stay in good standing, but it’s crucial that we stay aware of the facts.
Laxmi recently claimed that funds were transferred to the 442 account via a bank account that, as of now, hasn’t even been fully created. It’s hard to understand how such a transfer could take place without the mandatory documentation being completed first. Yet, we’re being told that the bank has initiated the transfer. This raises significant red flags, and it’s concerning that some of you might be overlooking these issues.
I would urge everyone to remain vigilant. The constant excuses about the bank being "busy with KYC" seem to be just that—excuses. It's been over a week now, and no progress seems to have been made.
If anyone has actually received the promised funds in their account, please confirm, as I have serious doubts that anyone has been paid yet. Also, Mr. Kiran Kumar, I’d be especially interested in hearing from you. Have you received the payment that Laxmi promised would come through by Tuesday? Your feedback would be greatly appreciated.
MrSteven
2 semanas hace
A pressing matter concerning the ongoing issue of the 50% payment of outstanding dues that was promised to all employees in India. As per the commitment made earlier, these payments were supposed to be credited by today, Tuesday. However, it has come to my attention that there are continuing delays and issues in this regard, particularly with the transaction to 442 accounts that was supposed to take place.
Previously, when the transaction to these accounts was initiated, Mr. Laxmi Prasad cited an issue regarding KYC and address verification as the reason for the delay. While I understand the importance of completing all necessary formalities, I must point out that such formalities should have been completed before initiating any fund transfers. To my knowledge, it is highly unusual for a financial institution to begin processing funds without ensuring that basic account setup and verification processes are completed beforehand.
I now have serious concerns that these issues will continue to be used as excuses for further delays, and I suspect that Mr. Prasad will find yet another reason to prevent the funds from being transferred to the 442 accounts as initially planned.
It is deeply troubling that a person with such a questionable track record who has been banned from Investorhub continues to make excuses rather than taking real, actionable steps to resolve the situation. We are witnessing a pattern of unfulfilled promises and lack of accountability, which I fear will lead to irreversible damage if not addressed immediately.
I want to remind everyone that this situation is not just about one individual or one transaction. It is about the trust and well-being of all stakeholders involved. Employees, investors, and their families deserve to be treated with respect, and it is imperative that promises made are kept in a timely manner.
Furthermore, I want to emphasize that the consequences of continued delays and inaction will be severe. Those in key positions, including Likhitha Palaypu, Lekha Palaypu, Kauthalya Palaypu, and Geeta Palaypu—who hold positions on the board—will not be exempt from the fallout. The failure to act now is leading to a situation where the collective responsibility of this failure could result in significant repercussions for all involved, including the leadership.
MrSteven
2 semanas hace
This is exactly what I am worried about. Laxmi Prasad's communications seem to follow a pattern of hypothetical scenarios, where he drops subtle hints about upcoming events that appear to be pre-planned. Over the past few months, I have been hearing about this issue with Hong Kong (HK). According to Laxmi, he was supposed to travel to Hong Kong to recover an amount of money that was "stuck" there, but this sum never made its way back to the United States. What concerns me is that there has been no concrete evidence or relevance to his ongoing discussions. It all feels like a set-up.
Laxmi has been hinting that if Citi Bank fails to fulfill certain obligations as per his instructions, it would be indicative of a much bigger failure. This suggests that Citi Bank will fail to meet these directives, which raises two possibilities: either Citi Bank was never actually involved in the transaction to begin with, or, more concerning, no reputable bank is willing to associate with Laxmi Prasad due to his past and present history. Given these circumstances, Laxmi is now attempting to convince people that he plans to shift all of his banking operations to Hong Kong, which adds another layer of suspicion.
Furthermore, Laxmi has claimed that he acquired Mercantile Bank, a financial institution based in Puerto Rico. However, there has been absolutely no news or official confirmation regarding such an acquisition. Despite this supposed acquisition, Laxmi continues to face numerous unresolved banking issues. This raises further doubts about the legitimacy of the claim and the stability of his financial operations.
I also have critical information from the board of Mercantile Bank regarding this situation, but I have chosen to withhold it for now. I intend to release it when the situation takes a turn for the worse, possibly by January, as it seems that things could become much more complicated soon.
LVerstee
2 semanas hace
We all received an email from Laxmi on what to expect. I took out the fluff and created a breakdown of all the amounts mentioned (some double) in his message making for easier reading.
Labeled as either "firm in hand" (confirmed, accessible funds) or "hypothetical" (estimated, expected, or contingent funds) these are all amounts mentioned some of which appear multiple times with different reasoning by Laxmi.
Hypothetical Amounts
$2.59 million – Expected to be available after a regulatory cooling period.
$9 million ($8.77 precisely) – Needed to pay cash grants.
$1.35 million – Needed to pay 50% of U.S. obligations.
$150,000 – Needed for payment to Indian staff.
$12 million – Totsl needed for the first monthly commitment.
$22.50 million – Total required for various commitments.
$10.5 million – Total amount aimed to have "on hand" for operation.
$1.5 million – Expected additional amount, hoped to be obtained by Thursday or Friday.
$4.5 million – Investment amount expected from the Hong Kong-based investor.
$10.5 million – Total amount mentioned to "fix the puzzle."
Firm in Hand Amounts
NO amounts are currently fully confirmed or "firm in hand."
Realizable (but not yet in hand) Amounts
$1.96 million – Expected surplus from sales, which is considered "realizable" but has not yet been fully secured or received.
At present, there are NO firm amounts on hand. The $1.96 million in realizable sales surplus is expected but not confirmed. All other amounts are hypothetical or contingent on approvals, investor commitments, or successful transfers. Notably, there is NO mention of $150 million being in Hong Kong or a specific Hong Kong account.
Short version?
It's highly unlikely we’ll see payments this week. There’s no firm cash on hand, and while some funds are expected according to leadership, they're not finalized.
Very first question that came to mind. Why move $2.59 million that you have here to HK where you have issues with the $150 million of which now there is not any mention?
karlacorn3
2 semanas hace
Frustrating: Within the hundreds of posts there are updates that frequently come with a caveat, which over time becomes perceived as escape clauses. While I assume earnest work is being done, we should focus on receiving some absolutes relative to pending deliverables. Despite all the slips and slides of the past 11 months, we should set aside the noise become perfectly binary now.
At this point we've become inundated with multiple "qualified" issues and concerns from the shareholders, and "unforeseen variables beyond our control" from the business. We're approaching 12 months of perpetually discovering new variables that repeatedly invalidate previous absolutes.
While acknowledging all the past clarifying communications, is it possible to have a perfectly precise binary statement? ...absolute, simple, accurate, straight to the point, no multi-year projections or forecasts, no diatribes or extraneous commentary ... binary. This is to provide a focused first step (realized milestone(s)) towards positivity for the masses.
Submitted with all due respect,
K
PS. This should include a SIMPLE token value note, for each vertical
MrSteven
2 semanas hace
Dear Anubha, thanks for being the "eye and ear" for Laxmi Prasad. There’s no doubt that he has a unique writing style that no one else can quite replicate. His sense of humor is also something special—if he were to apply it more strategically in business, he could unlock a lot of potential, as RD has pointed out.
However, there’s a darker side to Laxmi Prasad's current situation. Unfortunately, he seems to be caught up in using his intellect to deceive and manipulate all the stakeholders around him. While his humor might be engaging, his actions in the business world have become increasingly questionable, and it seems he's prioritizing his personal gain at the expense of others.
Now, with his advancing age, he is looking to hand over the reins to his daughter, Likhitha, presumably because he feels he can no longer manage things on his own. This is where things get concerning. As you probably know, Likhitha is the daughter of a defaulter who is entangled in multiple legal cases. His financial and legal troubles are no small matter, and if Likhitha were to take over, she would inherit not just the business, but all the associated complications. Given her father’s history, navigating this path could be incredibly difficult for her.
I truly hope Likhitha doesn’t end up in major trouble because of the "gift" her father is trying to pass on to her. The burden of his actions could be too much for her to bear, and it might be a long and painful journey for her if she decides to step in. I'm concerned for her well-being and future, as it seems like she might be walking into a storm without fully understanding the extent of the challenges ahead.
Anubha
2 semanas hace
Dear Hub Readers,
From MyCow Group, we would like to voice and alert our valid concerns that a Professional Subject like Stablecoin pricing, pricing of tokens and the valuation effects of these prices, the collateralization of metal against each of these stablecoins, the trade cycles, the margins and recoupment of these margins for sourcing gold back into the trading system. -- These are discerningly forecasted considering the market prevalent dynamics, including commission payouts, admin expenses and the net margins assumed as our expected net earnings after provisioning for taxes.
These financial estimates were thoroughly screened by many banking groups across the world and the pricing of stable coins and the quantity of metal that we peg to cover against each stablecoin we offer is carefully input considering the upcoming stablecoin regulations turning effective as of January 2025, and every element of these financial forecasts are extremely reviewed multiple times and they resonate directly with the pricing fluctuations that the metal is subject to.
The performance of the metal in retailing and the profit share we have with stablecoin investors determines the price of each token offered within the vertical as shareholder's token. And we have given this forecast assuming daily cycles, once in 2 days, once in 3 days, once in 5 days, weekly, 9 days, 10 days, 12 days and every fortnight. and these tables were circulated to the token holders, these tables form part of disclosure documents as part of our offering document and all these documents are thoroughly vetted by top securities law firms of the United States and India.
We like someone debating on these subjects as this is our confidence win and it will let the world know about us and why expect our stablecoins to become an important economic exchange mechanism in lieu of currencies itself.
I request, without gaining full understanding on the subject matter, any assumptive writings or discussions will be deemed misinforming the readers and you or anyone writing these comments would be assumed to be circulating information threads grossly misinforming the public and the readership...
I deeply appreciate any subjective criticism, and we are quite open for a professional debate with anyone that you would like to appoint from any globally leading broker firm, stablecoin experts, Financial Analysts of any large Private Equity or Hedge Firms. And we are open for adjusting our forecasts that they would suggest.
From our end, we are quite open for any of this discussion -- I just request, until then, let this subject be not discussed though we are quite open to walk through every element that we adopted in drawing these financial estimates.
This message is to everyone who is writing on this subject with no clue or knowledge of the subject and the background of it.
We are open for debate any day anytime and we will definitely respond to any material questions anyone may have professionally -- we look forward to the critic’s debate / questions through email at IR@mycow.io on this subject of high importance as it once and for all helps everyone thoroughly understand these numbers in meticulous in depth. And we will respond to these questions well, placing them to everyone’s attention.
We also would like to confirm under oath and we volunteer to declare before any Financial Markets Authorities or Securities Exchange Commissions across the Globe that we have not compromised any financial economics in presenting these forecasts and valuations. We have presented reasonable disclaimers and disclosures as the underlying commodities associated with each stablecoin whether MyGold, BlackGold (Crude), Plane Seat (fractional Plane Seat), and Liquid Gold (whiskey) are all subject to market conditions, respective commodities’ performance across multiple markets, the country level economic factors, global geo-political situations and other factors that are outside of our control.
Unless discussed materially and professionally, discussing this subject in vague and assumptions that do not call for merit.
We deeply appreciate everyone’s understanding and merit and their subject discussion without materially understanding the in-depth dynamics of it will be assumed to be misinforming the public that too taking online hubs as a platform.
Very respectfully,
My Cow Group
MrSteven
2 semanas hace
RD you have lot to explain, information shared by you is true to my knowledge but we both have different prospects, opinion and experience to share here. I have nothing personal against anyone but I am just presenting the facts everyone should understand in better terms which cannot be ignored.
Everyone please go through my message it's very loud and clear.
Laxmi Prasad, the individual who created and managed this token ecosystem, controlled the price of these tokens at all stages. The tokens themselves were never truly valuable in the real world. They were created as a tool to use your investments and dividends to fund the business operations without delivering any tangible returns to you.
Throughout this entire process, Laxmi was able to use the money and investments from stakeholders without giving back any meaningful returns. He was in control of the token price and was the only one who had the power to influence its value. This allowed him to manipulate the market to his advantage, ensuring that when the tokens were finally supposed to be sold, their value was almost nonexistent.
On the other hand, investors, employees, and all those who were promised dividends or wages in the form of tokens ended up with massive losses. What was initially seen as a valuable asset turned into a worthless commodity due to the manipulation of its price.
In conclusion, while the system appeared to be beneficial and offered exciting promises, the truth is that Laxmi Prasad used your investments for his own gain, fluctuated token prices at will, and ensured that when it was time for everyone to cash out, they were left with nothing.
This is a classic case of market manipulation where the people who controlled the system (in this case, Laxmi Prasad) were the only ones to benefit, while everyone else incurred significant losses.
Vika1
2 semanas hace
Yes, read about the MMM pyramid. If I'm not mistaken, it was in the 90s. The founder issued his vouchers (in this case, tokens) and sold them to the public and set the price himself. When people sold, he bought them back at a discount. Those who held it promised a big income and ordered not to sell. But at one point, when the crowd went to sell vouchers, they did not buy them and people were left with nothing! Study the history and patterns of the pyramids to avoid becoming a victim yourself!
RealDutch
2 semanas hace
Most of what you are saying is BS, MrSteven. No offence. But you are making assumptions without knowing the truth.
Let's focus on the gold tokens, because that is where the focus is on, for now.
It is true, SIRI was initially valued at something like $25.
However, European regulations dictate that at least 40% should be covered by hard assets (physical gold in our case)
The banking group (our partners) wanted even more stringent requirements at > 60%
So then the "price" was automatically adjusted to $3.60. By the banks. They are selling our tokens to the public.
However, our SIRI (equity tokens) are different from the public tokens.
The public SIRI tokens are covered by 60% gold. Our SIRI equity tokens are not.
So if we sell them back to the company, and the company then sells them to clients, they have to buy a lot of gold.
Which is why the price became $1.80 instead of $3.60. Otherwise they don't have the money to buy gold.
So you are starting to get a sense that price...... doesn't necessarily equal value.
Then came the stablecoins. MyGold stablecoins.
1 stablecoin = 1/2 SIRI + 50% physical gold.
The price of a stablecoin is... always... $1.00
The whole thing is covered by physical assets basically. That is why they are called STABLEcoins.
They don't lose their value. And if the value drops, we will simply add more gold.
But as we trade them, we will make a profit, and we will actually have a surplus of gold.
That's where the profits are coming from.
The faster we cycle sales, the bigger the profits.
Right now, the "value" of SIRI is $1.00 (I think),. But that's for tax purposes.
I don't know what you get for them if you sell them back to the company. I assume $1.00, for the time being.
Fair value otoh, could be much much higher. Up to $500.
It depends on how fast we can cycle sales and how succesful we are.
As such, I would never sell them back to the company for $1.00 personally.
There is a very good chance that fair value will be much higher.
Simply collect the dividends on these. $0.10 per month.
That will go up substantially as well in the coming year. Again, depending on the success rate.
We will have a pretty good idea about fair value (true value) in about 6-9 months from now.
As for the other tokens, I am not sure.
They have many more stablecoins planned.
So perhaps we will see something similar develop for the other tokens like AERO and RISO etc.
MrSteven
2 semanas hace
Here’s the unfortunate truth: Laxmi Prasad, the individual who created and managed this token ecosystem, controlled the price of these tokens at all stages. The tokens themselves were never truly valuable in the real world. They were created as a tool to use your investments and dividends to fund the business operations without delivering any tangible returns to you.
Throughout this entire process, Laxmi was able to use the money and investments from stakeholders without giving back any meaningful returns. He was in control of the token price and was the only one who had the power to influence its value. This allowed him to manipulate the market to his advantage, ensuring that when the tokens were finally supposed to be sold, their value was almost nonexistent.
On the other hand, investors, employees, and all those who were promised dividends or wages in the form of tokens ended up with massive losses. What was initially seen as a valuable asset turned into a worthless commodity due to the manipulation of its price.
In conclusion, while the system appeared to be beneficial and offered exciting promises, the truth is that Laxmi Prasad used your investments for his own gain, fluctuated token prices at will, and ensured that when it was time for everyone to cash out, they were left with nothing.
This is a classic case of market manipulation where the people who controlled the system (in this case, Laxmi Prasad) were the only ones to benefit, while everyone else incurred significant losses.
MrSteven
2 semanas hace
It has come to my attention that there have been several concerns and questions regarding the fluctuating token prices and the way payouts were handled. I believe it is important to clarify these matters to ensure everyone fully understands what has transpired over the past few months.
When the token system was introduced, the initial value of each token was set at $20, with promises that these tokens would later be used for various purposes such as dividends and wages. Over time, the price of these tokens fluctuated significantly, first being revised down to $3, then back up to $25, and so on. In essence, the price was adjusted based on decisions made by Laxmi Prasad, the entity managing the token economy.
At the outset, many were excited by the potential of these tokens. The promise of future value and the idea that tokens would rise in price gave everyone hope. Stakeholders were also told that once the tokens were allotted, there would be an obligatory holding period of couple of months, after which they would be free to sell them on the open market.
However, the true nature of the token system was different from what many initially believed.
As per the terms and conditions set by Laxmi Prasad, everyone will be required to hold on to their tokens for next couple of months. During this period, the expectation is that token prices would rise, giving everyone a chance to profit. But when the 6-month mark will come around, the market price of the tokens will dropped drastically, to as low as 0.002% or 1% of the originally projected value.
This sudden and dramatic drop in price will lead to massive losses for all parties involved, including investors, employees, and stakeholders. Essentially, the tokens, which were once valued at $20 or more, were now worth fractions of a penny.
Vika1
2 semanas hace
There are 400 shares on this account. They do not display the average price. But they were purchased for about $9.00. I don't need your handouts. And I am not going to disclose my financial situation, accounts or share any information at all. I made this clear last year. If you want to make a bet with me, since there are not as many people willing as we would like. But you are a person who does not inspire confidence in me and your words are empty space for me. Let's do this. My $3800 will stay with you. If you do not pay the promised grants by the end of 2026 (namely grants to the holders of the initial verticals, as you promised. I give you a reserve of 2 years, since this year you will not transfer a cent, believe me), then send me 3800 +10% ( bet 1 to 10). I will send you an invoice at the end of 2026. If I was wrong (the probability is less than 1%, and no offense), then you will take 3800 for yourself. About tokens. I don’t have them and, as I repeated, I didn’t apply for them and didn’t intend to, you’re not the right person to waste time on you. In contrast to the fact that you spend so much time and energy proving that everyone around you is a liar and a villain. Or we could use this energy and time to pay off our debts. Once again, I am not an interested person and I am expressing my point of view based on the data that I have. I have been following ITUP all these years. I have seen many companies on OTC promising mountains of gold, but which are now worth 0. You are no exception. All the 8K forms that were submitted, none of this came to fruition and all the words and promises are empty! Therefore, I and other people have already formed the opinion that you are not a competent person and do not keep your word. And we don’t respect people like that! I voiced my proposal here. If you agree, you can answer YES and we will meet on this board at the end of 2026. If not, then NO. Then I will leave you with your problems completely. BUT I will remind you at the end of 2026. I simply don’t have time to correspond with people who are not responsible for their words.
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