We have witnessed many Ponzi schemes but this one really captivated me to dig deeper. I was amazed to see the kind of returns these schemes pay to its owners. Al Masah Capital broke all records in making the huge profit through its modus operandi.
Al Masah modus operandi works in a fashion that is difficult to break and its sources are too rigid that it continues to operate with all the flaws. Al Masah uses undisclosed bank accounts to receive its investment funds. These accounts are kept hidden from the auditors.
There were questions raised in the past about the accounts of Al Masah Capital and its primary platforms. All its bank accounts that were with Royal Bank of Canada were frozen. They were intimated to close down all the accounts. Concerning the issue, Mr. Vineet Arora, the head of RBC was terminated whom Shailesh Dash, the owner of Al Masah offered a job in one of the Platforms.
Mr. Shailash Dash also has close relationships with Mr. Satyakam Patnaik from First Gulf Bank in Orrisa. He helped him in audits and hid his undisclosed bank accounts from the eyes of the auditors. Now that RBC closed down, Al Masah Capital functions mostly with First Gulf Bank (FGB) and all credit goes to Mr. Satyakam Patnaik.
They use these fake accounts to deduct 10% of the investment amount and the remaining is actually invested which is fraud. They even go a step ahead and forge the account statements if it is unable to maintain these accounts. They maintain two sets of books to fool auditors.
Shailesh Dash, who started the company favours people who are close to him or are influential by allowing the investment exit options. For this he uses the funds of new investors or even the existing investors. And did not bother to inform them as well. Again, for these transactions, he uses undisclosed accounts. Al Masah audit are all conducted in a fraudulent manner giving no chance to auditors to see through the lies and forged papers.
Al Masah maintains its relationship by giving high montly bonuses that are hidden apart from their huge salary. These are shared between the platform directors. They even forge their shares purchase agreement to hide the profit and compensate their theft. One example is the In Health Care Platform, they acquired an asset at 8 million USD and forged it for 12 million USD. They earned 4 million USD with fraud and transferred to Al Masah Capital. Sometimes, they use these amounts to cover up the premium amount.
There are many other methods that they use to stay in the business and do what fits their pocket. They fool its investors and uses their money to satisfy influential people and stays in the business with all the fraudulent methods taken into account.
If you ever wished to spend your money on Al Masah Capital, please change your mind, they will eat your money without even burping.