IGC Pharma, Inc. (IGC)

[BobDoleYahoo]

More Due Diligence on this scam that is India Globalization Capital, Inc.

I spent some time doing some due diligence on $IGC (India Globalization Capital, Inc.), specifically focusing on the original S-1 SEC form filed in 2005, some of the 10-K forms, and the 4336 Montgomery Avenue, Bethesda, MD 20814 address. Here’s what I’ve uncovered:

1. Their S-1 Form ( https://www.sec.gov/Archives/edgar/data/1326205/000095013705005983/c95282sv1.htm ) filed in 2005 states the following:

a. “We have agreed to pay Integrated Global Networks, LLC or IGN, LLC, an affiliate of Mr. Mukunda, a monthly fee of $7,500 for general and administrative services including office space, utilities and secretarial support.” (Page 20, S-1)

b. “We have agreed to pay IGN, LLC, an affiliate of Mr. Mukunda, a monthly fee of $7,500 for general and administrative services including office space, utilities and secretarial support. This arrangement is for our benefit and is not intended to provide Mr. Mukunda, Chief Executive Officer of IGN, LLC and our Chairman, Chief Executive Officer and President, with compensation in lieu of salary. We believe, based on rents and fees for similar services in the Washington, DC metropolitan area, that the fee charged by IGN, LLC is at least as favorable as we could have obtained from an unaffiliated third party. However, because our directors may not be deemed “independent”, we did not have the benefit of disinterested directors approving the transaction.” (Page 26, S-1). "They" or "Ram" also pays himself like $350,000 or so in one of the 10-Ks I read.

c. “While it is possible that one or more of our officers, directors and special advisors will remain associated with us in some capacity following a business combination, it is unlikely that any of them will devote their full efforts to our affairs subsequent to a business combination.” (Page 32, S-1)

d. This S-1 Form referenced the 4336 Montgomery Avenue, Bethesda, MD 20814 and in fact, many SEC forms says to communicate with the directors, to mail written letters to this address. This implies the address is accessible to $IGC employees.

2. Their most recent 10-K Form, filed 6-21-2018 states the following:

a. “We pay an affiliate of our CEO $4,500 per month for office space and certain general and administrative services rendered in Maryland. In addition, we pay another affiliate of our CEO $6,100 per month for office and facilities in Washington State. We believe, based on rents and fees for similar services in the Washington, D.C. metropolitan area and Washington State, that the fee charged by the affiliates are at least as favorable as we could have obtained from an unaffiliated third-party and these payments are not considered or meant to be compensation… The rental agreement for Washington State facilities was renewed on January 1, 2018 for a period of one year, expiring on December 31, 2018, unless renewed by mutual consent, at $6,100 per month and for a one-time mutually-agreed renewal fee of $106,283.”

3. Yet, a Google street view image, dated September, 2017, shows the above address as a child day care center, called “My Arbol House”.

4. In fact, many other searches find other businesses at this address, such as:

a. Fulford Road LLC
b. Aftel LLC
c. Sattrans USA LLC (Their website clearly shows this address)
d. Extra Clean, Inc. (from the 90s)
e. Rudden Real Estate (Do some homework & you’ll see there’s a legit realtor with this name & business).
f. Maloney Home Solutions

5. The Google street view is not very detailed so you can’t see the full sign of “The Arbol House”. If you try to Google it, you can’t really find many details on it. No reviews, nothing. However, there appears to be a website on the sign that reads www.myarbolhouse.com. If you try to go to www.myarbolhouse.com, it does not work. If you attempt to do a WHOIS on the URL, because it’s been closed down, you can’t find any details on it.

6. However, using some ingenuity, I was able to find snapshot images of this website: https://web.archive.org/web/20141004152543/http://www.myarbolhouse.com:80/about-us/our-office/ which shows a phone number of: 301-500-7685, and the very same street address above, confirming Google is correct.

7. Search this phone number on Google, and it belongs to another day care: Happy Hands Learning Center. Their website ( http://happyhandslc.com ) shows an address of 4314 Montgomery Ave Bethesda, MD 20814, just down the street a few buildings! Hmmm. The “About” says it was started by a Ruth Zepeda and Lea Zepeda.

8. Using archive.org, I confirm 100% that around December, 2011, Happy Hands LC’s phone number was 301-986-7965. As of January, 2014, their phone number was none other than 301-500-7685. And as of September, 2017, their phone number became 240-204-8386.

9. Next, I find this: https://myarbolhouse.com.cutestat.com/ which shows Registrant Name: Lea Zepeda. Bingo! There we have it.

My conclusions:

1. The S-1 form was filled out with the intent of using $IGC as a pump and dump, specifically for China and India since none of the founding directors were expected to spend time “devoted” to the business. If you look at some of their older 10-Ks, they reference some of their activities in China, India, inner Mongolia etc.

2. This turned into a “flavor of the month” pump and dump when they realized they could do blockchain pump and dump.

3. Their CEO is paid a lot of money just to “rent” his places to $IGC. They claim these are favorable terms, but a quick search on the Internet ( https://42floors.com/us/md/bethesda/4701-sangamore-rd?listings=1311626%2C1311622 ) for FAR better places. This site shows a much more professional location, of 880 square feet (for 5 individuals), at a rate of $35 / sqft / yr, which works out to be $2,567 per month. Yet, they are paying their CEO double and triple that for little shacks.

4. On top of this, it’s my opinion (I can’t come up with any other conclusions) that Mr. Ram Mukunda was renting out his “India Globalization Capital, Inc. headquarters” to other businesses, at the same time it’s $IGC’s “headquarters”, such as to My Arbol House, Rudden Real Estate etc. on the side because $IGC is nothing more than a pump and dump that has no real business locations. The alternative would be that Lea Zepeda is in on the scam too. As written by Sir Arthur Conan Doyle (for Sherlock Holmes) “when you have eliminated the impossible, whatever remains, however improbable, must be the truth”

5. A search on this site ( https://www.fastpeoplesearch.com/address/4336-montgomery-ave_bethesda-md-20814/page/1 ) for the 4336 address turns out a “Danny Ngai”, who is in one of the 10-Ks from years ago, as well as Lea Zepeda, and a Ronald Rudden, which is founder of Rudden Real Estate, Inc. This second site also corroborates my findings: https://homemetry.com/house/4336+MONTGOMERY+AVE,+Bethesda+MD

6. All this while Ramachandra Mukunda appears to be robbing shareholders blind.

Maybe I'm wrong, and maybe $IGC is frantically bottling CBD-infused drinks and doing massive medical pot Alzheimer's research at 4336 Montgomery Avenue in Bethesda, MD, perhaps using the kids as labor?