Monday, November 30, 2015

SGFX Fraud



    I disagree with Mr. Nixon, that it is his duty to write all the positive things about their company. that is good that you are a very good employee. but it is true that SGFX Financial Limited, Belapur. Mumbai, first you people have tie-up with EToro, suddenly without informing to your clients you have separated and broken tie up with ETORO Cyprus. Lot of your Clients who have deposited in the name of SGFX Financial, from last 15 days their money had been strucked between ETORO and SGFX Financial, from your side there is no response to the clients that the money will be returned back to them or not. whenever some one is complaining, SGFX people are just making some BLAH BLAH excuses, why should the INVESTORS have to SUFFER. you people don't even bother about their pain. and I will give -10 to your customer service, they are the worst when coming
    to customer service, when customer had INVESTED, if any problem happens they even don't bother to receive their calls. then where should the customer go ask. I think INVESTING MONEY with SGFX Financial is very RISKY,

    PRESENTLY I AM THE ONE WHO IS SUFERRING BECAUSE OF INVESTING WITH SGFX FINANCIAL CO IN. BELAPUR, MUMBAI

    I'LL ADVISE ALL OF YOU, WHO EVER WANT TO INVEST WITH SGFX FINANCIAL CO INDIA, BEWARE, THINK 10,000 TIMES AND INVEST WITH THEM, THEY ARE VERY RISKY

How a Mumbai couple created a Rs 7 lakh crore dubious firm SGFX Financials

 There is nothing business like about Central Business District (CBD) Belapur. Beer shops, Malwani seafood restaurants and electronics goods showrooms dot this quaint locality of Navi Mumbai, which was once an experiment to recreate Nariman Point in Navi Mumbai. At the heart of CBD Belapur is Sharda Terraces, a high-rise which houses branches of SBI, Yes Bank, Kotak Mahindra Bank and Dhanlaxmi Bank. Seven floors above lies an office locked and gathering dust. This office used to be the headquarters of SGFX Financials — a company that was incorporated in the UK on December 13, 2010 and was run by a couple named Sarvesh Narendra Gade and Shahanaz Ashraf Bharde.

Between January and June 2011, the value of SGFX's shares, which was dissolved on November 27, 2012, is estimated to have shot up to £70 billion, or Rs 7 lakh crore —more than twice the valuation of India's largest company, Reliance Industries, which incidentally has a swank office 15 kms away. On Thursday, SGFX was thrust back in the spotlight when Nationalist Congress Party (NCP) filed a complaint with the Economic Offences Wing after party chief Sharad Pawar's name surfaced as a director in the company. Pawar claims to have no connection with SGFX. He also alleges that Bhadre and Gade "falsely and fraudulently' submitted his name without his knowledge and incorporated the dubious firm.



A brochure of the company A brochure of the company

Companies House, the British equivalent of India's Registrar of Companies, and Companies Made Simple, a London-based company that represented SGFX, offered insights, though slightly contradictory, into how this could have happened.


Entrance to Gade's stated residence
Entrance to Gade's stated residence

Companies House said proof of ID is not required when filing documents directly with the department. "We just carry out basic checks to make sure that our incorporation documents have been fully completed and signed," said Jo Johnstone, a member of the Companies House Press Team. But "when filing through an agent such as Companies Made Simple, then I believe they require a proof of ID", he said.

But Grant Beeming, the operations manager of Companies Made Simple, which offers services to startups and small businesses, said his company would have had no interaction with the individuals concerned as it was an online provider. "We request or require due diligence documents if there represents an ongoing business relationship."



Scanned copies of the company records


Pawar isn't the only one crying fraud. In early 2014, Charan Singh (name changed), a Ludhiana-based businessman, got a call from an employee of Online Currency Exchange, or OCX (another company run by Bhadre and Gade that was incorporated in mid-2013) asking if he would be interested in making money through forex trading. Singh wasn't sure about the company's antecedents and balked.


Scanned copies of the company records



Scanned copies of the company records

When the company provided him a reference to another customer who had made money, Singh agreed to invest $5,000. For three months, his returns were healthy and on time. Singh invested another $5,000. His payments stopped coming the next month. When he called to enquire, his customer relationship manager informed him they were "shifting office". Two weeks later, OCX's board-line numbers went dead. Distraught, Singh visited Navi Mumbai, made the rounds of a few police stations, and eventually gave up except for occasional rants on online complaint boards.



Scanned copies of the company records


Scores of other people say they too were conned. A four-page brochure of SGFX that ET accessed says that "strategies coupled with years of experience, past performance has allowed investors to feel secure". On the cover, it also features a photograph of Gade, lost in deep thought, peering seriously into a laptop screen as a couple of blond haired foreigners seem to making a presentation. On SGFX's Facebook page, a post from March 2012 incentivises customers to deposit "Rs 5, 10, 25 or 50 + lakhs" to receive your "FREE Samsung gift from our range of smartphone's (sic) and notepad's (sic)."



Scanned copies of the company records


Staff at the Sharda Terraces, where SGFX was based between 2010 and 2013, paint a picture of a couple who loved the good life. "They had three fancy imported cars. Shahanaz was the boss and she had a nasty temper. They employed about 50-60 people and they were paid on time," said Prabhat Amte, who would do odd jobs for the duo and still works in the same premises. The company, however, folded up overnight and still owes Rs 10,000 to Amte for the menial jobs he had done. He said once the company shut down, a few investors who had been defrauded would come to enquire about the couple's whereabouts. The police never came.

About 5 kms from Sharda Terraces is a small clothes shop in an area called Kharghar. The owner Jignesh Shah (name changed on request) said he had planned to start a furniture studio in partnership with Bharde and Gade. Shah's wife even registered a company and Gade borrowed Rs 2.5 lakh from him. "When I asked Gade for his share of the investment, he threatened saying that he was very well connected and would harm my family," says Shah, adding that Gade, 30, would often drop names of leaders in the NCP party, including that of Pawar.

When ET visited Vaikunth Apartments in the Kamothe area of Navi Mumbai, the other address (declared by Bharde) shown in the Companies House records, long-term residents vouched that nobody by that name had ever lived there. Sarvesh Gade's stated address - the Leela Madhav complex in the Panvel locality of Navi Mumbai - turned out to be a dilapidated, lower middle class dwelling. A resident said crime branch officials had turned up on Friday to enquire about Gade. He also revealed that Gade's parents - who had moved out of town a few days ago — had snapped ties with him after his marriage with Bharde who was ten years his senior. The resident also confirmed that officials from various banks would occasionally drop in enquiring about Gade and that this was the first time that police had come.

A senior police official said the case is being investigated and that they had not been able to trace the couple. The official, however, was not willing to say whether the FIR by Pawar had been registered or not.

The LinkedIn profile of Sarvesh Gade now has him as national head, LiteForex Investments Limited, UAE.

UK agent disputes SGFX founder’s claim on Sharad Pawar

(Grant Beeming, operations…)

NEW DELHI: Companies Made Simple, a London-based company that represented the controversial SGFX Financials in the UK, has said its customers fill applications themselves and who they appoint to various positions is completely up to them, challenging the claims of SGFX founder Sarvesh Narendra Gade that the inclusion of Nationalist Congress Party (NCP) chief Sharad Pawar as a director in his company was a technical glitch.

Grant Beeming, operations manager, Companies Made Simple, which offers services to startups and small businesses, said his company only provides online forms and the customer fills them out themselves. "At no point do we fill out forms or submit the applications ourselves to Companies House."

Companies House is the British equivalent of India's Registrar of Companies.

Last Thursday, the NCP filed a complaint with the Economic Offences Wing against Gade and wife Shahanaz Ashraf Bharde, directors of SGFX, for "falsely and fraudulently" submitting Pawar's name without his knowledge while incorporating the company. Pawar claims to have no connection with SGFX, a company incorporated in the UK in 2010, whose share value is estimated to have shot up to £70 billion, or ?Rs 7 lakh crore.

On Saturday, ET published a report on how SGFX, which was dissolved in November 2012, was created, tracing the antecedents of Gade and tracking down the addresses given by SGFX in the Companies House records. Pawar, the report established, wasn't the only one crying fraud.

Later on Saturday, The Times of India reported that Gade and Bharde offered a public apology to Pawar during a press meet. Gade claimed he was unaware of how Pawar's name figured as one of directors of the company and said they will initiate action against Companies Made Simple, according to the report.

EOW complaint for naming Pawar as director in UK company

The Nationalist Congress Party has filed a complaint with the Economic Offences Wing (EOW) here after Sharad Pawar's name figured as a director in a London-based company SGFX Financials, with which he claims to have no connection.

NCP spokesman Nawab Malik said Pawar had nothing to do with the company and does not know the individuals involved in the firm.

"Pawar's name has been used fraudulently with malafide intentions and we want the police to find out the truth. So, a complaint with the EOW has been filed yesterday after taking legal opinion," Malik said today.

In his complaint, the former Union Minister has said that he did not authorise anyone in the UK firm to name him as director.

Reportedly, Pawar has named two directors of the company--Sarvesh Narendra Bharde and Shahnaz Ashraf Bharde-- as the two individuals who 'falsely and fraudulently' submitted his name without his knowledge and incorporated the dubious firm.

The value of the company shares is said to have shot up from Rs 70 crores in January 2011 to Rs 7 lakh crores in June 2011.

According to SGFX, Pawar was made director of the company on December 13, 2010 till his resignation on January 5, 2011.

SGFX company director Sarvesh Gade speaking to ABP Majha



एनसीपी नेता शरद पवार ने मुंबई पुलिस की आर्थिक अपराध में शाखा में ब्रिटेन की एक कंपनी के 2 निदेशकों के खिलाफ लिखित शिकायत की है। पवार का आरोप है कि इंग्लैंड की कंपनी SGFX में उन्हें  निदेशक के तौर पर दिखाया गया है, जबकि उनसे कभी उसकी अनुमति नहीं ली गई। यहां तक कि उनके हस्ताक्षर भी फर्जी किए गए हैं।

कंपनी के शेयर 70 करोड़ से बढ़कर 7 लाख करोड़ के हुए
पवार ने अपनी शिकायत में लिखा है कि कंपनी में उन्हें दिसंबर 2010 से जनवरी 2011 तक डायरेक्टर के तौर पर दिखाया गया था और उसी दरम्यान कंपनी के शेयर की कीमत 70 करोड़ से बढ़कर 7 लाख करोड़ हो गई थी। मामले में मुंबई पुलिस ने तो चुप्पी साध रखी है, लेकिन एनसीपी के प्रवक्ता नवाब मलिक ने खबर की पुष्टि करते हुए बताया कि 'एक वेब पोर्टल के जरिए यह जानकारी आई थी। शरद पवार ऐसी किसी भी कंपनी में डायरेक्टर नहीं है। किसी ने उनका नाम बदनाम करने की कोशिश की है।'

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