Exhilway Asia Ventures review: Cheating money and Killing Business 60

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Dear Mr Ashok,

First please use your name instead of some dummy id's before I answer your questions. The point is that I am not associated with the fund but I am also referring to several details. Please answer these questions before we move ahead:

Question 1: In one of the post you have said that you was collecting money on behalf of the fund and interacting with the clients. How and why you was marketing third party services when you claim yourself to be CA?

Question 2: According to you 57 companies paid Rs 30 lakhs on average, then why dont you post details of atleast 10 companies who paid this amount for a PE?

Question 3: Why your clients have posted against you on the internet that you never talked to them after taking money and they complained to the fund regarding your problem?

Question 4: Why was you terminated from the fund but prior to that you was happily covered in some press releases?

Question 5: Was you not fame and money hungry when you started collecting money?

Question 6: The problem arised only when your clients demanded the fee which you have taken from them? No body asked for rating fee as you have stated?

Question 7: How many of your clients who you have referred to the fund are funded by some other PE fund?

Question 8: Isn't it true that you shared a close relationship with your clients prior you referred them to the fund and you failed with most of them?

Question 9: You have intentionally favored few clients who paid you well and rest you left complaining here and there?

Question 10: Where are you exactly based and what is the name of your firm?

Question 11: Why you are found on the internet promoting yourself via press release when ICAI don't allow this?

Question 12: You own a firm called crescenthum partners which was working as your front end for fees from several clients and then you never came back on it? Is a CA allowed to float crescenthum partners and run it?

Question 13: Why you raised this issue two years after you left the fund?

Dear Ashok,

Registered agent to the fund is similar like Karvy or other registrars who manage and represent the client. Resigned agent account does not mean closure. As per the law no same auditor or agent can continue for 3 years. Resign does not mean closure of services.

This is a clear case where a CA charged for his service and the fund got delayed. Now a CA can't refund his fee because he says he has helped the clients on documentation and since the fund never took the CA fee, this CA is pointing fingers at fund.

Why you was hiding your identity since yesterday?

This is the filing which I was referring to.

Mr. Ashok if the fund is delayed you must talk to the fund why creating havoc out of nothing due to personal grudges?

Kindly stop all this and wait for the fund to revert.

Mr. Ashok Ostwal,

I searched about you on the internet and found that you yourself looks like a suspicious fraudulent CA and the matter must be taken to ICAI with immediate effect. You was part of a Sconto deal which in several releases is associated with the fund.

Your company crescenthum partners boasts to be in investment banking, private equity and other transactions and you had never applied with RBI or SEBI for any licenses nor have any. Now, the question is how many PE transactions have you done? How much money have raised till date? and where is your crescenthum partners registered? You are not even registered in RoC...there is no details in US records...and your clients and details are too suspicious...

This clearly means that with one hand you was doing the documentation of the clients and from other hand you was taking money in crescenthum partners. This is really suspicious. Your website is down and is suspended and the domain is registered in your name (http://crescenthum.com/).

This is quite clear that you cheated your clients, made money and escaped and then you are publicly blaming the fund. This is now out in the open that you are the real culprit who cheated 57 clients and raised not Rs 30 lakhs but Rs 50 lakhs per client on an average. All the clients are running after you, hence you are cooking stories on the internet to save yourself.

Dear Ashok,

I have done a research on your fraudlent company crescenthum partners. The company boasts on several websites that your fraudulent company provides PE funding, distributes fund, private equity and debt syndication. As a CA you are not allowed to do all this if you are in practice and before all this YOU DO NOT HAVE A SINGLE LICENSE TO DO ANY OF THE ACTIVITY YOU HAVE MENTIONED. THE DOMAIN NAME IS REGISTERED UNDER YOUR NAME. THIS CLEARLY MEANS THAT YOU ARE THE GUY WHO CHEATED 57 CLIENTS TOOK RS 50 LAKHS ON AVERAGE FROM EVERYBODY PAID FUND RS 50000 FOR THEIR SERVICE AND NOW YOU ARE CLEARING YOUR SINS BY WRITING ON THE INTERNET.

ICAI MUST BE INFORMED ABOUT THIS ACT AND HENCE THIS IS CLEAR THAT YOU ARE A CA AND A BUSINESSMAN WHO DOES NOT HOLD ANY REGISTERATION FROM ANY AUTHORITY IN THE WORLD BUT IS PORTRAYING THAT YOU RUN A LARGE COMPANY. YOU ARE A FRAUD CA!

You are not a CA but a trader and the complaint must be given to ICAI with immediate effect.

great the man who is complaining was the real culprit in himself ...shame on you Mr. Ostwal.

His CA degree should be revoked.

I researched on this man ashok ostwal...search his name on internet and you will see that he is involved every stupid act...he is threatening ministers on twitter...abusing property dealers because they fail to find rs 5000 room for him in bangalore...who will give you room rs 5000 in bangalore? then he is posting ads that he is home tutor and at another point his company crescenthum partners become some multi million group...

this man has possibly threatned many clients and funds...

who are you a CA? or a Home Tutor? Or Some property broker? A fraud CA? The chairman of crescenthum partners? A man who makes money by threatening people

One more post...

Where he is home tutor...money can boss make anybody do anything...

Only One good ...Exhilway company... Only Bad on CA Ashok Oswal... All others missing links...? Company doesnt respond... Every one knows all the information of Exhilway, All know all the clients of Exhilway...All sensitive information which should not be available and not to be known except for the fund people every tom knows... Wow... Seriously all great...Who posted this... Who is running the for Exhilway and Agaisnt Asshok Oswal campain does any one understand... For and Against campainged staged?

As one of the contributor on this platform we have requested the fund to respond. Wait till Monday before you write more absurd things. This now evident that both the parties have some flaws. The problem is Ashok Oswal used several id's and somebody from the fund too did the same. The logic is there in both the cases.

The fund if talks on it is better. Leave everything aside. This is a forum which needs fund to respond and say yes or no. If there was a problem they must tell the reason and close the issues. The issue is related to one fund and nothing beyond it. So please be calm or we will delete this entire post.

Yes this seems to be staged. What we can make out of this post is that there is a fund who was supposed to invest in some companies and got late. There is some service fee charged and the appropriation of the fund was done between some financial advisors who used to write papers for the client. Since the fund got delayed the client questioned the financial advisors and the fund. Now both the parties are counter attacking. This is quite evident that this is a issue between fund and a advisor and both of them are using fake id.

We for the last time request to please put to end allegation game and the official reply come in.

Height of it... Even the cb_editor is registered on 26 April 2015...assumingly the editor of complaints board webstite... Please note complaints board doest participate in the discussion and threaten to delete the posts... Ha h aha ha ha... Look at the greatness of the people who are fooling around...

Leave it. Let the fund reply. The person said he is a contributor.

Ashok ji why you are creating nuisance here?

Even anonymousehje is registered today. You all are making fool. The CA is fraud, the fund has issues. The CA is a home tutor, then he also runs PE fund which is no where registered. His fund has no clients and the website is down too. All is looking bogus. Is this online extortion which is happening?

Hi,

Tarun: I am sure we don’t even know you by this name. Also for your info, the fund stopped taking clients long back and then how did the fund refer us or you got in touch with us. Why don’t u disclose your true identity and company name, for ease of reference.

Anuj: Yes, fees for writing plans is professional fee and there is no harm in charging the same. However, we have worked on success fee model only. Its true that no client is paid 30 lakhs or 50 lakhs on an average. Yes, minimal amounts have been paid for rating, valuation, PR and demat fees to exhilway directly by the client or through us. We have not marketed any third party services, we have followed exhilways instructions for getting the client evaluated.

Anuj Singh: I agree some has posted it because he has not been funded or rejected.

Mukulrawat: I myself disagree that each client has paid 30 lakhs. They would have not spent more than one lakh or one lakh fifty thousand by each of the client. We have collected and paid only what the funds asked. Again, most of the cases it is paid by the client directly and in few cases through us. If any of the client feels he is overcharged, we are ready to show him the proof of outward entry to Exhilway account.
We were removed, you must be joking…. They was no response from their end and we stopped interacting because nothing was moving at our clients end. Assuming its genuine and there is delay, no clarity on way forward, hence we stopped interacting with each other. Yes we asked for minimal equity in leiu of our effort but that was to be transferred only on successful completion of funding. No advance shares were taken…
We don’t want to be involved with the fund hence we have not been interacting…. Why should I post it using fake id’s

Mukulrawat: For your info, you said I using the same IP as the complainant…. Please note that I am in Rajasthan from 18 of this month and you yourself said that the complaint IP is from Bangalore. If you did your homework properly, how did u missed that the IP I am using is from Rajasthan. Why don’t u check my phone details and track my location for your satisfaction.

Rajatvishwas: For your info, you said I using the same IP as the complainant…. Please note that I am in Rajasthan from 18 of this month and you yourself said that the complaint IP is from Bangalore. If you did your homework properly, how did u missed that the IP I am using is from Rajasthan. Why don’t u check my phone details and track my location for your satisfaction.
Yes we sourced clients but we never over charged or charged any client for business plan preparation. Again, most of the cases the fees towards rating, valuation and PR was paid by the client directly and in few cases through us. If any of the client feels he is overcharged, we are ready to show him the proof of outward entry to Exhilway account.
I am not defaming anyone… Since I have been questioned, I am putting my clarification.

Rajshekar1: Answers to your questions
1. That was part of the funding process and we have not marketed any services. Exhilway insisted that the same is mandataory…
2. I have only referred 12 clients from Bangalore and no one has paid anything more than one lakh. I don’t need fake id’s to defame anyone. I am using ID’s of my own.
3. Yes, because the fund never answered my queries and hence we dint take clients call when we dint have any update for them
4. You are saying I was terminated. We stopped interacting and hence they dropped our name from website
5. We collected and paid what we collected. You prove one case where we have overcharged the client or for that matter charged the client for our effort. All our engagement was success oriented, part in cash and part in equity in some cases but on success only.
6. We have not taken any fee except for rating, PR, valuation and Demat. In most cases it was paid by clients and in some cases collected by us and paid to exhilways account for which we have necessary entries in our bank account.
7. None of them, because we never took them to any PE’s after we got termsheet from Exhilway
8. I had no personal relationship with any clients. All of them were clients for funding for exhilway in specific.
9. None of the clients paid us for our effort in terms of liasioning and documentation.
10. Bangalore, Ashok Ostwal and Associates
11. We haven’t done that Press release, it was done by Exhilway
12. Crescenthum Partners never collected any fees for any of the clients of Exhilway. Yes, he is allowed as per ICAI rules.
13. I never raised these issues. I am just clarifying my views.
I really don’t have to hide my identity. Please use phone track and IP track to know my location. I am using my id. Ashok Ostwal only.
I have no grudges against anyone. Yes it must have been delayed but you must tell this to the author who would happy to hear it and not me.

Vittalji: I suggest you please take this matter to ICAI, I know I haven’t done anything wrong… I suggest it should taken to higher forum, atleast we will know the truth in terms of whether I authored this complaint and also about exhilway and I am sure this will bring an end to all apprehensions raised by various clients. I request you to kindly take this up.
Yes, Crescenthum Business Partners is in advisory. We don’t need SEBI or RBI license for it… It’s a partnership firm and does not need ROC approval. Vittalji please consult your so called esteemed CA on this, he might throw some insight… Why don’t you disclose your true identity?
We haven’t taken any money in name of Crescenthum. Only money taken by me is for rating, valuation, PR and demat which is paid to Exhilways account of HDFC bank for which we have necessary supportings. I referred only 12 clients and not 57.
Vittalji please prove that we have overcharged the clients. 50 lakhs per client, you must be joking!

CA Naresh Agrawal: Good to know that you are so active with membership being created yesterday and without even being part of it or associated, you have arrived that I am a fraud CA. Please inform ICAI about my revocation. Let me know if you need my Membership number. I am sure you know how to retrieve it without my help.
I should ask you who gave you CA degree.. You haven’t read the roomys ad properly dude. It says I am looking for a room mate. I have never abused any property broker. Yes I am teacher and teach students, this has no connection and no realtion. Also the profile is made in the year 2010 and its still active. I don’t need to threaten anyone to make money. Your id is fake as well.

CB_Editor: I haven’t used any ID’s other than mine and that too from Rajasthan. I am sure you will have enough data and technology to understand whether it’s the same person or different person.

Maheshji: Stop creating fake ID’s. I don’t need fake ID’s like you all. Show me one client who I have overcharged, if you all have to prove your point. Track my phone and show me that I am in Bangalore from past few days! I don’t have PE fund and I never stated.

Dear All, I am in rajasthan from 18 april and some of you said that IP of mine, complainant and Dharamweer are same. That itself proves that your allegations are baseless and you are using fake ID's.

Ashok ji,

Your revert is upto the mark and throws clarity but there are several questions which I will be asking in coming days as I am doing my research.

From your post it is quite evident that the fund wanted to fund the startup companies in the portfolio but has seen some less interest from the investors which stalled the process.

Another thing is any basic fund to keep its operations running for atleast a year needs Rs 2 crore or more and from the average you are talking I feel that the fund has not made any money for their own pocket. When you talk about third party services and when you talk about Rs 1 lakh fee for all services like rating, valuation, pr and documentation the fee seems very low and one must not expect that they will get high profile companies on board. Even if we assume that they paid 85% of fee to vendors they hardly got anything.

Also, this is evident that the fund has registerations in US. Assuming that legal cost in US is not less than $200000 for funds and filings. What have they made?

Delay is what they must see and help the clients who deserve to be funded. This is unethical that an unknown client with some bogus id is writing because he is rejected. Funding happens on strength and not on the basis if complains and fights.

If the complaining client is genuine and own a great company he will be funded by somebody. No body can kill business as the client has said. May be the client himself is starving for money after he approached several people so he hided his entity to write stupid things.