[MrSteven]

It is deeply concerning that a person who claims to be officially handling thousands of taxpayer accounts has not paid taxes for an extended period, despite being a Chartered Accountant by profession. One would expect such an individual, especially in a position of trust and authority, to have earned enough to be paying taxes in the millions. However, this individual, who now claims titles such as CEO, Chief Architect Officer, Managing Director, and Founder, is nothing more than a fraud.

It is troubling to note that this person appears to be surviving on investor funds. Furthermore, his daughter, who continues to support him despite the clear evidence of his fraudulent activities, is now facing the consequences of these actions. It is still unclear if Likhitha was born to Laxmi prasad legal wife or his full time personal assistant named Lekha as he also named his last daughter after he left his personal assistant for thousands of dollar. The Palaypu family, associated with these scams and fraudulent activities, is about to face public scrutiny and prosecution for their involvement.

[LVerstee]

LAXMI PRASAD PALAYPU
DIN: 02998283 | Status: Disqualified by RoC u/s 164(2)

WHAT IS SECTION 164(2)(a) OF THE COMPANIES ACT, 2013? In accordance with the Section 164(2)(a) of the Companies Act, 2013; “no person who is or has been a director of a Company which has not filed financial statements or annual returns for any continuous period of three financial years shall be eligible to be re-appointed as a director of that Company or appointed in other Company for a period of five years from the date on which the said Company fails to do so.”

[LVerstee]

Skilpad het nie vere nie. 🤥

[MrSteven]

Do we even realize that someone who constantly moves from one place to another and cannot maintain stability is a major red flag? It's true that Laxmi doesn’t have enough funds, but even more telling is his desperation to avoid legal trouble. What he doesn’t seem to understand is that his entire family is already at risk. His so-called daughter, Likhitha, is facing significant legal issues, and Laxmi is trying to cover it up by distancing her from the situation. She is already entangled in serious complications at such a young age.

Laxmi has even faked a heart surgery. He falsely claimed that stents were inserted. His medical claims are a blatant attempt to buy sympathy and gain more time, hoping people will give him space to continue his deception.

Laxmi is, without a doubt, one of the worst scammers you could ever encounter. His accounts are being frozen, and his daughter’s accounts are in the same situation due to their fraudulent activities. What more evidence do people need to realize that this is all a scam? The so-called investments in physicians and the huge capital being generated is nothing but fiction. Billion dollar and trillion dollar is a dream without flesh. Everything might appear legitimate on the surface, but in reality, it’s all just a pile of lies and deceit.

[MrSteven]

As a startup, Laxmi's aggressive push to sell gold is misguided and unrealistic. Trust is essential when it comes to investments, and this company has a history of frauds and scams that anyone with basic research can uncover. Given the company's past, no one—let alone an informed investor—would be foolish enough to put their money into this venture.

Laxmi’s claim that his bank account is now active and that he has sufficient funds to pay everyone is an empty statement. While it may seem like he has the money, his behavior and actions indicate otherwise—he continues to deceive and mislead. The plan may sound appealing, but it's nothing more than a fantasy. It's simply a spoonful of honey designed to lure investors into staying hopeful, but it will never come to fruition.

To those still holding onto hope, it's time to wake up. The reality is clear: this is a scam, and Laxmi is only out to secure as much cash as possible before disappearing.

[MrSteven]

I totally agree with you Karl. Over the past 12 months, everyone here have encountered a great deal of mixed and conflicting messaging from the company. Phrases such as "pregnant mothers," "pregnant fathers," "auspicious dates," and "wombs," alongside promises of "guaranteed payouts" and "billion-dollar company" claims, create a confusing narrative. The guarantees, mentioned repeatedly, are quickly retracted or undermined with statements like, "We don't have to pay you anything." These inconsistencies, coupled with excuses like COVID or the mention of non-existent bank accounts, contribute to a sense of chaos and a lack of transparency.

Instead of vision statements and personal anecdotes, I expect concrete data on the company’s financial health and operations, something that Laxmi Prasad has consistently failed to provide. Instead, he has confidently faked his way through situations, displaying one special talent—deception. While he may try to act convincingly, we all know the truth. Whenever anyone questions his efforts or makes a statement that challenges his false narratives, he becomes defensive, erupts in anger, and responds with lengthy explanations meant to cover up the truth.

The collective evidence of these actions will ultimately lead to the company’s downfall. Rest assured, none of the commitments made will ever be fulfilled—neither now, in the future, nor ever.

[LVerstee]

Reposting truth.

1 Trillion market value from a "CEO" that cannot pay his employees. Maybe he should really shoot for the stars and say we have a market share of a Gadzillion. Hell, your CDO (Chief Dutch Officer) is going to be a billionaire......I mean that happens everyday, right?

[LVerstee]

You all can keep believing all you want. The following tells me that it's another nothing burger being served and dates being pushed back.

we have scheduled the dates that we hope to meet without failure

If you KNOW there truly is an account and KNOW there truly is money in it, there’s no need to HOPE for it to happen. In that case, you KNOW it WILL happen unless, of course, you KNOW it WON’T!

Why isn’t the Indian staff being paid in full? That seems far more important than paying one EX employee's taxes.
It costs less to settle their outstanding wages in full in one single payment then paying ONE EX EMPLOYEE's taxbill. That billionaire in wait can pay his taxbill from the "billions" he is expecting.

Proof me wrong and actually make those payments. Stop pushing those dates back. Pay the Indian staff in full first over one's taxbill.

[RealDutch]

I should add, the monthly dividend is actually part of the business plan. Because it will get us more investors. And in his latest message to me (just now) Laxmi has confirmed the same.

So, while dividends are never a guarantee (and subject to operations end execution) in this case I am personally counting/relying on those dividends. What all of you do, is up to you.

[RealDutch]

Lol. I agree, there is too much talk (which is cheap) and not enough meat. I have told them many times not to respond to posts on IHUB. Hopefully they are finally getting the message now.

As for "effective communication" what you really want is deliverables and dates. Well, you will get them later today. Just need to be patient. But you have to keep in mind that anything they announce is a plan and not a guarantee. At this stage.

I also explained to them earlier today that the faster you grow.... the more money you need. And we are growing FASTER and FASTER it seems. So FAST, that it may in fact interfere with the monthly planned $0.10 dividend going forward. At least that is what I am afraid of. But I think we still have to commit ourselves to those dividends. It is also important for the shareholders to know EXACTLY what to expect in terms of dividends. So they can plan for it. Very important. I think we can do it. We can always sell more bank shares in India to support dividends until we have more sustainable cash flow from operations. But I'm getting ahead of myself. Let's see what they come up with.

[LVerstee]

It’s clear that your message is full of assumptions and “I think” statements, but let me respond with some facts.

The statement, “they already sold 11.25M to Iowa physicians”, combined with the $2.59M, should total $13.84M in the bank accounts you now claim exist!

That’s money that could already be distributed. I’m curious to see what Laxmi has to say about that in his next email.

[Jacky71]

All these long emails from Laxmi Prasad are of no use. I think all investors and employees should start taking legal action.

[spartyJ]

Karlacorn3, are you really that surprised? I mean after everything you have read and heard and been promised, are you really surprised? Just look at how this whole deal was cooked up from start to finish and look who is involved on the inside. I hope you didn't invest a lot but GLTY.

[karlacorn3]

WOW!
Pregnant mothers. Pregnant fathers. Auspicious dates. Wombs. Guarantees provided. Guarantees retracted. COVID excuses. Non-existent bank accounts. Millions of dollars. Hundred million dollars. Cleared hurdles. "nothing will stop us now". "Billion dollar company. "We guarantee the payouts to those who buy-in" (this guarantee is written over 13 times). "We don't have to pay you anything"...

When sifting through the tens of thousands words I've read over the past 12 months, the above is the messaging I reflect on. A gigantic word salad.

It would be nice to see a business-adept status report (which I have NEVER seen) rather than novels about life, sweat, blood, auspicious dates, god, medical condition debates, repeated vision statements, etc.

In the final analysis here, either the company perceives its investors as idiots or the investors view the company as inept. Sadness on either side of the coin.

Sorry for the total frustration about the company messaging flip-flops and caveats as well as the protracted messaging and fragmented communication from the company.

K

PS. "Exertions of any perceived power should yield effective communications, effective leadership, and delivery of commitments that align with established shareholder expectations" Nothing else.

[LVerstee]

Again an email with fluff. We need dates on immediate payouts.
Those hoping bits and diverting away from certain obligations give a good insight on another delay incoming.

[karlacorn3]

...The simple and acceptable information should be crafted in a "less is more" style. Simply state the date the deliverables everyone has been waiting for since December 2023 will be delivered. No need to expound on the billions to come.

K

[LVerstee]

.... and are planning the payouts this weekend.

This is obviously NOT happening. That would have been the first line in his email if it were to happen but he already gave a lead in there of it NOT happening. So stop speaking for him if you don't want to keep looking like a stooge.

[LVerstee]

The issue isn’t with @karlacorn3 asking for information that should have been provided in the first place.

You sound like someone who cheats on their partner repeatedly and then blames them for it. Classic deflection of responsibility.

Questions wouldn’t need to be asked if the necessary information had been shared upfront.

Curious about this email you’re supposedly spending all day drafting about "money flow." You clearly know what you plan to say, so why the delay?

It’s almost comical, if it weren’t so sad, to think a refinery would be aware of this board.

It seems to me that you’re trying to silence people. If you just do what you said you would, there wouldn’t be any need for any discussion.

My advice is to handle it quickly, as in today. You have even less time than you realize.

[RealDutch]

Laxmi told me we will get the update tomorrow (sunday) because today is not an auspicious day.

[karlacorn3]

Thanks for the information.
I hope all gets resolved for business operations to ensue.

They have made good progress on opening the bank accounts and are planning the payouts this weekend.

I look forward to the company's updates on the payouts.

K

[RealDutch]

What's unfortunate is there were so many guarantees of delivery when it appears there was no way those guarantees could have transacted.

As you probably know, the company did and does have the money for cash grants from the bank shares sold in India resulting in some $100M in cash. They just didn't expect all the regulatory delays when transferring that money.

At the same time(s) there were numerous "happy" announcements of new business segments, and sales of additional verticals all while there were no resources or infrastructure to execute.

I think the resources and infrastructure were in place. But not the money. To give you an idea, I think we are starting with 10x as much in gold sales cycles as originally planned which also means they need 10x more inventory and 10x more money. Which they didn't have obviously. I think this is also the reason why the 2 x $0.25 cash grant was reduced to 1 x $0.10 but we get compensated for that with 40% extra SIRI shares after the first cash grant, while the monthly dividends remain the same at $0.10 per month.

And you may also remember that they were planning to pay the $0.10 monthly dividends from 4 verticals combined initially. But that will all come from the gold sales now because it will be ramping up so fast. Especially with the stablecoins now. So the focus is on gold and stablecoins for now. Selling the MyGold stablecoins will be easy and they already sold 11.25M to Iowa physicians. The last hurdle will be getting the retail sales (cycles) going but a group of people has been working on that for a while. Then there will be nothing left standing in our way for that $0.10 monthly dividend. And it will all come from the gold sales. That monthly dividend will go up as well in 9-12 months time and we may get more dividends from other verticals as well. So not to worry about those future dividends IMO. Assuming they can get the retail sales going.

[karlacorn3]

What's unfortunate is there were so many guarantees of delivery when it appears there was no way those guarantees could have transacted. At the same time(s) there were numerous "happy" announcements of new business segments, and sales of additional verticals all while there were no resources or infrastructure to execute. It seems there was a perpetual celebration of vision without a capable operations focus. Lessons learned, and hopefully payouts coming...
Keeping fingers crossed.🤞

K

[RealDutch]

Most operations have been delayed by a year as well. Although we do have the banks and stablecoins which we didn't have a year ago.

[karlacorn3]

Thanks. Hopefully the persistence yields a delivery. We're at one year from the original planned payout date. Fingers crossed.

K

[RealDutch]

They have made good progress on opening the bank accounts and are planning the payouts this weekend.

We are still waiting for the money, so nothing has changed.

Perhaps we will get an update this weekend, if you are on their email list. If not, ask Laxmi to add you to the list for updates.

[karlacorn3]

To clarify... I meant to convey that there has been nothing but silence, and it's unbelievable that the status/situation/non-delivery is what it is.

K

[karlacorn3]

🙊🙉🙈⁉️
Silence. Unbelievable.
K

[LVerstee]

@karlacorn3 you might want to revise this, as once again, the deadlines haven’t been met by Laxmi. Shocker. Maybe just pick a date and leave the year open, so you don’t have to keep making revisions every time.

Got anything clever to add, RD? How’s it going, Mr. Billionaire? Made anyone rich recently? So quiet now. Don’t worry you’ll be doing plenty of talking soon enough. Blaming the couchsurfer to safe your own skin.

[LVerstee]

HTG

[LVerstee]

Fellow sufferers DO NOT act on his clearly "open invitation" to contact the bank.
You don't want to serve as his scapegoat.

this one piece answers many questions that people have on us and our integrity.

Indeed it does. Especially the below part which confirms to everybody else you have been lying to us the whole time. 442 scheduled and wired was it?

Matter of few days now to have the activation and then we resume into normalcy, scheduling the cash grant date and compensation regularization.

And you are fluffing up passing submitting AML documentation as if you have passed their screening.

[LVerstee]

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.

[LVerstee]

Thank you for another admission of complicity here.

And I worked closely with Laxmi.

Two years even. 😏

That post is included now. The rest of your story is just that, a story. Many animals consume their own offspring for survival, so what exactly are you trying to convey? He shows no hesitation in letting over 140 people suffer, and you believe he would prioritize protecting his children? He’s “protecting” them by positioning them as leaders in these companies while keeping himself off the official records. You are funny.

And on his cuildren being highly educated. WE FUNDED THEIR EDUCATION!

[Goldberg Jackhammer]

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]

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]

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.