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Rags-to-riches-to-rags!!!
Prakash,
Bangalore
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Read The comments from one of the
employees of the company owned by Bhats!
The days were when people
of south canara were known for their honesty, business
ethics and handwork but the recent trend of scams like the
Manipal group, NBFC, etc; are spoiling this image forever.
Adding to this scam is the one by two brothers from Puttur,
who came to Bangalore for a living and ended up making
everyone's - including their own family lives miserable.
Prof.VB Moleyar is a retired principal of a college in
Puttur and a self-styled literary figure as well. His first
son, Udaya shankar is a CA and second son, Mahabala Bhat is
a computer science BE.
First came Udaya shankar to Bangalore and after many
unsuccessful attempts in CA practice took the road of making
easy money. He floated a letter head company and began
collecting deposits and promising high rates of interest.
Lakhs of rupees were collected in Bangalore, Mysore, puttur
and many parts of Mangalore district and with this money
Udaya shankar entered the share market.
Even as he played around in share market, he got the idea
that he too must start a software company and get it listed
in share market and here he will make Crores of rupees in no
time.
so came the second brother Mahabala bhat to bangalore and
they both started a computer institute called MM computer
and quickly made it a software company called MM softek Ltd.
Now entered Ullas Kamath, a well connected CA in Bangalore
and with his advice, the brothers contacted shady share
brokers in Mumbai and this software company - with no
customers and revenue made false balance sheets and went for
public issue.
Thanks to the shady guys in Mumbai, the company shares rose
from Rs.10 to as high as Rs.450 in no time!!!
But remember that the bhat brothers never invested a single
rupee on shares of their own company and instead made
several innocent people do that. For e.g.. the maid servant
of bhat's family was made to invest for 1000 shares and her
money was Rs.10,000 for the same.
The crooked bhat brothers enjoyed a royal life now. They
took air-conditioned Maruti cars at company cost, their
wives shopped on MG and brigade road for Gold and diamond
every week and children went to the most posh school in
Bangalore!!
Not content with the Crores of rupees they made in share
market, they now walked into a trap set by Ullas Kamath and
his cronies in Mumbai.
PK Padhi, a penniless NRI in California came with a
letterhead company called Transtream.com and boasted of
Millions of dollars revenue every month!! ( Mind it, he as
CEO and president of the company uses a hotmail account
!!!).
The tamasha began now and Ullas and his cronies convinced
the bhat brothers that they must merge MM softek with
Transtream and in no time they will be bigger than Infosys
or Narayana Murthy!!
Greed for money, made the bhat brothers sign the deal and
they mercilessly sacked all thier employees and handed over
the company to Padhi PK ( a equity of 78%)
Padhi held the first board meeting and sacked the bhat
brothers from directorship and announced that he will launch
investigation and make the bhats pay for everything that
they used the company money for.
In a jiffy went the company cars, the diamonds and gold and
yet the shameless bhats took credit cards, car on loan and
the wives were back to shopping spree.
Now they launched another company called MM Infotec in Bangalore
and collected money from many people - including
ex-employees for this.
They borrowed money from every source and today are totally
bankrupt.
The landlord of their house in Bangalore threw them to
streets and took away all their belongings. The children
were thrown out of school and the wives are back to puttur.
The car was taken away by the bank and the credit card
recovery agents are hunting for them.
The family is shattered in puttur and prof. VB Moleyar is
hounded by police and public every day.
Where are the bhats now? They are said to be in Mumbai but
the fact is that they are in a swami's ashram in Mysore!!
Beware of these criminals and report to police immediately.
If you do that you will do a favour for thousands of
families who have given their money as loan to these
brothers.
Name
: Shashidar B
Subject : s®²
xî®±â!!:
Rags-to-riches-to-rags!!!
- By Prakash, Bangalore
Comments : Hi all
I am from Mysore and worked as general manager of Training
at MM softek training division and what Prakash has written
is true and to his credit, he has avoided many more details
and kept away from character assassination.
I am also looking for the Bhats and so are many ex-employees
who have a lot of money due from the Bhats.
If any of you are shareholders of Mm softek, then please
pull up this guy PK padhi at his mail pkpadhi@hotmail.com
Believe in us, the employees did not no a thing about what
happened and are in no way responsible for all this scam.
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