Details Of The alleged Fraud Committed By The Promoters Of Helios & Matheson In Connivance With The State Bank Of Mauritius – Mauritius Are As Follows :

The alleged fraudulent wire transfer supposed to have been made on 28.06.05 and 30.6.2005 is being portrayed as consideration for the acquisition of Vmoksha.
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It is necessary to mention here that the Helios & Matheson Information Technology Ltd along with Mr. Pawan Kumar. Pawan Kumar herein, had opened a bank account with State Bank of Mauritius, Mauritius, in the name of Vmoksha Technologies Limited, Mauritius. For this purpose, a circular resolution has been relied upon ( by the Helios & Matheson Information Technology Ltd ) to show, as if, the resolution had been duly passed by the board of directors; even here, the document which has been relied upon mentions it as an extract of the board resolution. However, only Pawan Kumar had signed the said circular resolution and other three directors had no knowledge of, and did not sign the resolution.

The Vmoksha Technologies Ltd, Mauritius through Pawan Kumar appears to have applied for a loan of 13.5 Million USD apparently for payment of consideration towards subscription of preference shares in the Helios & Matheson Information Technology Ltd company. It is interesting to note that based on the application for loan submitted by the Vmoksha Technologies Ltd, Mauritius, the State Bank of Mauritius, Mumbai branch, informed the Vmoksha Technologies Ltd, Mauritius about the sanctioning of the loan upon personal guarantees to be obtained from Mr.G.K.Muralikrishna and V.Ramachandran, directors of Helios & Matheson Information Technology Ltd. State Bank of Mauritius, it appears, sanctioned the loan subject to a lien letter for pledge of proceeds (the monies stated to have been transferred to the State Bank of Mauritius at Chennai) received by M/s Helios & Matheson Information Technology Ltd.

The approval of shareholders of Vmoksha Technologies, Mauritius has also not been obtained as required under the terms and conditions of the loan. In other words, the loan which had been sanctioned was only a book entry when no monies were actually paid for the purpose of the alleged subscription /allotment of preference shares in favour of Sellers under the SPA.

This book entry by State Bank of Mauritius is the same entry, which is sought to be relied upon by the Helios & Matheson Information Technology Ltd company to justify the false allegation that full consideration had been paid in terms of Clause 2 of SPA. The Helios & Matheson Information Technology Ltd had once again requested the State Bank of Mauritius to reverse the book entry for sending it back to it to show, as if, wire transfer had been made towards consideration for the purchase of shares under SPA. The best piece of evidence in the alleged fraud committed is the fact that the Helios & Matheson Information Technology Ltd had not ensured reversal of the entry but also paid the bank commission charges which is available in the bank statement of the Vmoksha Technologies Ltd, Mauritius. Therefore, not only did the Helios & Matheson Information Technology Ltd go out of the way by providing personal guarantees for the loan availed by the third respondent but had also paid commission and interest to the State Bank of Mauritius.

It is also necessary to mention that State Bank of Mauritius was the banker of the Helios & Matheson Information Technology Ltd whereas the Vmoksha Technologies Ltd, Mauritius’s banker was HSBC. Hence, the reason for engineering the alleged fraud in collusion with the Helios & Matheson Information Technology Ltd’s banker for securing the alleged loan, is evident from the act of the Helios & Matheson Information Technology Ltd.