MrSteven
13 hours ago
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.
MrSteven
1 day ago
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
1 day ago
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
1 day ago
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.
karlacorn3
3 days ago
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
2 weeks ago
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.
Goldberg Jackhammer
2 weeks ago
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
2 weeks ago
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
2 weeks ago
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.
MrSteven
2 weeks ago
Incredibly serious situation that is impacting all employees—both in India and the US—along with our vendors, stakeholders, and investors. Many of us are facing extreme financial difficulties due to the non-payment of salaries. In India, some have gone without payment for 8 consecutive months, while in the US, the situation has dragged on for over 15 months.
This has created an unbearable strain, not only on our financial stability but also on our personal lives. Many employees are in debt, struggling to meet basic needs, including paying for utilities, medical emergencies, and rent. There are instances where employees have been forced into dire situations, such as the inability to afford necessary medical treatment for themselves or their loved ones.
In addition to this, promises that were made—such as providing medical and term insurance—have not been honored. This has resulted in significant hardship for employees who, in good faith, trusted these commitments. As a result, we are seeing a rise in emotional distress, with some employees even reaching a breaking point due to the unrelenting financial pressure.
What is even more concerning is the response from leadership when these frustrations are expressed. When employees try to raise concerns about their non-payment and the impact it is having on their lives, we are met with defensiveness and anger from Laxmi Prasad. Employees who voice their struggles are facing retaliation, such as having their amounts frozen or even being terminated. This is an environment where fear of speaking up has replaced open communication and the chance for resolution.
The toll this is taking on people's mental health cannot be overstated. Many are not only facing financial ruin, but are also experiencing a deep sense of betrayal and abandonment. It is imperative that we, as a team, start addressing this issue with the seriousness it deserves.
While it is understandable that tensions may run high in challenging times, no one should be afraid to speak up about the hardship they are facing. A leadership approach rooted in empathy, accountability, and constructive dialogue is essential for navigating this crisis. Employees should not have to bear the brunt of a situation that is beyond their control, nor should they be silenced for expressing valid concerns.
At this juncture, we need to come together to demand a change in approach and leadership that respects the dignity and well-being of all staff members. It is time for action, not silence.
MrSteven
2 weeks ago
As part of my ongoing investigation into Laxmi Prasad’s activities, I would like to share additional evidence that I believe may shed more light on the situation and provide a clearer understanding of his actions. Specifically, I would like to bring to your attention a recent email sent by Laxmi Prasad in which he categorically denied the acquisition of Mercantile Bank. Mr. Jackhammer I would appreciate if you can add the copy of email here as evidence. This denial may help highlight the inconsistencies in his statements and further support the concerns we’ve raised regarding his credibility.
Furthermore, I have been in communication with several employees based in India, and I regret to inform you that their experiences with Laxmi Prasad have been troubling. Multiple individuals have reported receiving extremely harsh, aggressive, and abusive emails from him. In these emails, Laxmi Prasad has allegedly threatened to file complaints with the police against employees, using intimidating language. He has also specifically targeted a female employee, threatening to freeze her funds simply because she has stood by the facts and refused to be complicit in his misconduct.
Such behavior, if verified, raises serious concerns about Laxmi Prasad's integrity and professionalism. It is difficult to trust someone involved in fraudulent activities and who resorts to threatening and abusive tactics to silence those who challenge him.
MrSteven
2 weeks ago
I believe he is engaging in fraudulent activities. Laxmi is a mystery, much like the Bermuda Triangle he draws people in with promises of investments but is never forthcoming with the returns or dividends.
Laxmi has repeatedly made false commitments without honoring any of them, leaving investors in the lurch.
Here are some specific instances of Laxmi’s actions:
Laxmi has consistently claimed that he successfully acquired Mercantile Bank, stating on numerous occasions that the deal was finalized. However, I have documented evidence from various sources—one of which is a written statement from Laxmi himself—where he insists he has no connection to the bank and does not mind if others pursue the acquisition. This is in direct contradiction to his previous statements and misleads investors into believing in a deal that never existed.
Laxmi also claimed that he had invested in real estate, specifically securing a deal worth $24 million. However, after further investigation, I obtained evidence from a broker involved in the transaction, who confirmed that the property was never sold to Laxmi. In fact, it was still listed on auction at the time of his claim. Despite this, Laxmi continued to state publicly that he had already purchased the property, which was a complete fabrication.
Over the past 15 months, I have consistently asked for updates regarding investment and the promised returns, but Laxmi has failed to honor any of his commitments. No payments have been made, and no dividends have been received. This has caused significant financial strain, and I suspect many others may be facing similar issues.
I have gathered all relevant documented evidence from various sources, including emails, recorded conversations, and formal statements from brokers, confirming the falsehoods and misleading claims made by Laxmi Prasad. I am willing to share this evidence with anyone who is interested in pursuing justice or verifying the claims.
If you have been impacted by similar fraudulent behavior or have been misled by Laxmi, I strongly encourage you to reach out to me. I am prepared to share all the evidence I have to expose these dishonest practices. I believe it’s important for others to be aware of these fraudulent activities to prevent further harm.
Goldberg Jackhammer
3 weeks ago
From what I’ve observed, there are signs that suggest fraud might be taking place regarding I noticed Lakshmi lying and changing his statment over period of time this tricks the red flags, e.g., "fake 442 bank transaction, Acquiring mercantile Bank,Fake employment generation, sabotaging 50 Indian employees,the lack of official documentation," or "unusual behavior of Lakshmi towards investors or employees when they criticize
I know this is hard to believe, but I want to make sure investors and employees interest is protected. It might be a good idea to verify the details, such as checking official sources, researching the parties involved, or consulting with an expert.
Resolutions to the matter is in the interest of everyone
I will wait for Lakshmi lengthy mail to clarify these info I asked
karlacorn3
3 weeks ago
Wondering if this info is to be received as stated on the 15th.
Respectfully,
K Likewise, I will be circulating to the shareholders tomorrow, of our payment resolution and the tentative date we would be making the cash grant payout -- we will not go blank for sure,
Thanking you all for your continued support, Very decisively I remain,
Laxmi Prasad 11-15-2024
MrSteven
3 weeks ago
There have been numerous instances where statements made by Laxmi appear to conflict with the facts at hand, and I feel it is necessary to highlight these discrepancies in order to avoid further confusion or misunderstanding.
Firstly, it has become evident that the funds have not been distributed as promised. As per the information shared by LV, no one has received any payments yet—despite claims to the contrary. It is important to note that all the wires processed to the 442 members, as mentioned, came from an account that supposedly never existed. If the bank had refused to process the transfer, it is reasonable to assume that Laxmi should have received the funds back. So why, then, is there no evidence of these funds being sent, and why are people still waiting without resolution?
Additionally, Laxmi's repeated statements about not having sufficient funds are increasingly difficult to believe, especially when 50% of the total outstanding balance was claimed to have been wired to 442 members. This is a significant amount, and yet, there are no visible traces or proof of the transfer. It's becoming increasingly hard to ignore the possibility that these funds may not actually exist or were never properly allocated.
Further compounding the situation is the fact that, in the 21st century, in one of the world's largest economies, Laxmi Prasad is still facing issues with account creation and has not completed the KYC process for the past six business days. This delay is not only inconvenient, but it raises serious concerns about the legitimacy of the operation.
Given all these factors, I must express my skepticism about Laxmi Prasad's intentions and ability to fulfill the commitments made. The lack of transparency, the unexplained delays, and the conflicting statements suggest that this situation may not be as it seems. Laxmi's inability or unwillingness to provide concrete proof of funds or make any significant progress in resolving these issues raises serious doubts about his integrity.
At this point, I believe it is crucial to reassess the situation and consider alternative measures to ensure that those affected by this delay are properly compensated. No one here has confirmed receiving any credit, and until there is clear evidence to the contrary, I believe we must proceed with caution.
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Hot Features
Premium
