Veltex Corporation (VLXC)

[Miamimice]

*** LETTER TO VELTEX ATTORNEY ***

Wed, 30 Mar 2005 13:34:09 -0800 (PST)
From: <[e-mail]> Add to Address Book
Subject: Today's Released Audit Is Another 100% Forgery By Veltex Corporation and Ceo, Javeed Matin
To: "Jaak Olesk" <[e-mail]>
CC: "david frohlich" <[e-mail]>



Mr. Jaak Olesk, Attorney for Veltex Corporation

I am writing you once again "UNDER PUBLIC RECORD" with copy of this email to Mr. David Frohlich, Branch Chief, SEC in Washington DC. Please note, my previous email and phone conversation to you remain unanswered, in which, I requested you to inform your client Veltex Corporation' and or CEO Javeed Matin to immediately stop "Defrauding Innocent American investors" by means of relentless forgeries, such as presenting before the innocent American investors that Velvet Textile Mills, Ltd. Commillah, Bangladesh is making tens of millions of dollars by means PR Newswire Services and other private and public forums.

Mr. Olesk, over the past 2 years Mr. Matin and or his Veltex Corporation has issued many PR newswires and informed investing public that Veltex made some $21 million in sales and promised audited financials and they will become a fully reporting company to SEC. However, in today's so-called audited financials, the figure $17 million and figures from Bangladesh is about $15 million. Mr. Olesk, as a matter of fact, figures from Bangladesh is zero. Bangladeshi portion of the figures are 100% forgery by CEO Mr. Matin, and that is why he has suddenly taken notes, detail statements etc. from his webside this afternoon and hiding it. This was another pump and dump plan by Mr. Matin, that went bad for him.

Mr. Olesk, "ONCE AGAIN" Veltex Corporation's today's so-called audited financials that was released as per company's website, last night is 100% forgery that relates revenues from Velvet Textile Mills Ltd. Bangladesh.

Mr. Olesk, Furthermore, each and every sales and profit numbers that Veltex provided to the investing public "in terms of revenues from Bangladesh operation is 100% hoax and or forgery" even If, it was done by an accounting firm in Bangladesh "Than it is another forgery" and all these crimes are being done by the blessing of Veltex CEO Javeed Matin's complete knowledge" Purpose is to defraud American investors and that is exactly what Mr. Matin is doing since the begining of Veltex Corporation."

Furthermore, Veltex Corporation, does not own any Textile Mill in Bangladesh. Velvet Textile Mills Ltd. that Mr. Matin claims, his Veltex Corporation owns, never ever went into any commercial operation and never ever, made a single penny in profits

Here is few question for you sir, that you may ask your Veltex CEO to answer:-

As per auditors statement which was suddenly hidden at noon today, it says:_

Veltex Corporation acquired Velvet Textile Mills Limited, located in Comilla, Bangladesh on September 1, 1999. Velvet Textile Mills Limited is engaged in the business of milling and manufacturing textile for local and international markets.

Mr. Olesk, Ask Mr. matin to produce any real varifiable documents from government of Bangladesh, that shows "During this date Veltex Corporation acquired Velvet Textile Mills Limited, located in Comilla, Bangladesh

Mr. Olesk, In todays detail financial statement by auditor, it clearly says, in:-

2. Non Consolidation Policy

Due to the restrictions placed on the transfer of funds by the Bangladesh government and due to the separate management of the Bangladesh operations and US operations, these financial statements are un-consolidated with its subsidiary Velvet Textile Mills, Limited.

Mr. Olesk, here is what I call catch 69! That is where Mr. Matin is duping investors and trying to hide his crimes, and smokescreening, may be auditors too? the fact is:-

(a) There is no funds there in Velvet Textile Mills Ltd., Bangladesh, accouts, because Velvet Textile Mills Ltd. Commillah, Bangladesh never ever went into commercial level production and never ever made a penny in profits.

(b) Since 1999 til today, each and every PR Newswires of Veltex Corporation is nothing but forgery. NOT A SINGLE PENNY WAS EVER EARNED by Velvet Textile Mills Ltd.

(c) On top of that, there is no legal relationship exist "that shows anywhere" with any Bangladeshi or U.S. government foreign investment agencies, banks that shows any relationship between Veltex Corporation of U.S.A.and Velvet Textile Mills Ltd. of Bangladesh. Mr. Olesk, you need to look into this "WHOLLY OWN SUBSIDIARY" of Veltex Corporation issue and tell the truth to Veltex investors, I understand you have that responsibility to protect them.

Now look at here what todays financial statements says, That was also hidden by the company this afternoon:-


"Pursuant to SFAS 94, these financial statements exclude the subsidiary from the parent’s financial statements due to the parent’s lack of absolute control over the affairs of the subsidiary. These financial statements are therefore "stand alone" financials of Veltex Corporation only."

Mr. Olesk, in one PR Newswire, Mr. Matin and his Veltex corporation tells investing public that "IT IS A WHOLLY OWN SUBSIDIARY" than in fine prints on so-called garbage audit of today "it says" "PARENTS LACK OF ABSULUTE CONTROL OVER THE AFFAIRS OF THE SUBSIDIARY" than again, Mr. Matin and Veltex Corporation been saying all along since 1999 via host of PR Newswires that, they are making tens of million of dollars every year from Bangladesh operation.

Mr. Olesk, Would you be kind enough to varify with Mr. Todd Chisholm of Veltex Corporation's accounting that they have completed the audit dated February 10, 2005 and why, Veltex Corporation and or Mr. Matin published it today, almost 2 months late and if there is any differences in figures/numbers that they filled out on that day or saw that day and than later Veltex Corporation and Mr. Matin changed any of it?

"The financial statements of Veltex Corporation as of December 31, 2003 were audited by the accounting firm of Chisholm, Bierwolf & Nilson, LLC in accordance with accounting principles generally accepted in the United States of America. Chisholm, Bierwolf & Nilson provided an audit report, dated February 10, 2005."

Mr. Olesk, What is the address and phone number of Bangladeshi accounting firm? Because, it is here that this "FORGERY" link rest, and to quickly end this SCAM that is being run by your client Veltex Corporation' CEO Mr. Javeed Aziz Matin, since 1999 to prest day,


The financial statements of Velvet Textile Mills, Ltd. as of December 31, 2003 were audited by M. N. Islam & Company, who provided an audit report.

Thanking you

Sincerely,

****** DH

Please do not hesitate to call or write me, again my phone number is ***** DH