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Art of Corporate Fraud – Vikash Metal & Power Limited

July 25, 2013

We’d like to point out the Art of Corporate fraud which went unnoticed by the Chartered Accountants certifying the Books of Accounts of Listed Company – Vikash Metal & Power Limited. The NSE, BSE and the SEBI appear to be in deep slumber as we all know how the incompetent heads of these institutions are appointed and any honest efficient whistle-blower within the institutions is sent out.

Vikash Metal & Power Limited reports in its Books of Accounts a whopping Rs 9.04 Crore as Robbery. The books of Accounts are certified by CA. Rakesh Singh (MRN 067493) of Rakesh Singh & Co and the screenshot of the amount in question is as shown below.

VikashMetals_1

On page 33 of the Annual Report, can you believe that the entire Plant & Machinery has been Stolen / Robbed ?
VikashMetals_2

At one end of out Economic Spectrum we have the so called Finance Ministry, RBI etc claiming to be tough masters monitoring the Indian Economy brutally punishing the hardworking and honest tax paying Indians and at the other end are such Day time Looters who are Looting Public Wealth using the Loopholes in Indian Legal System Architected by il-literate Lawmakers(MPs & MLAs).

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