Every new sunrise brings along another startling revelation for us but this one takes the cake – for being a brazen act that reeks of malice, deceit, forgery and repeated breaches in a sacrosanct industry of digital payments.
This pertains to MoneyOnMobile Inc., a company which has managed to raise funding from some credible companies but has lost its sense of business ethics and morals in the last couple of years.
Board Members of MoneyOnMobile Inc. a.k.a. Calpian Inc. USA, Mr. Harold Montogomery and Mr. Scott Arey have indulged in fraudulent, malicious and unethical business practices and committed civil and criminal offenses in India, on account of which Shashank Joshi (Founder of MMPL, a company licensed by the Reserve Bank Of India operating under the brand MoneyOnMobile) has pressed legal charges against them and the company.
A case of cheating and check dishonour (check signed by Mr. Scott Arey, CFO of MoneyOnMobile Inc.) is filed against them with the Criminal Courts in India.
The Court in Mumbai has accepted the plea for initiating criminal proceedings and would consequently issue summons against Mr. Harold Montgomery and Mr. Scott Arey on the aforesaid matter as legal prosecution now seems imminent.
Despite entering into a Settlement Agreement with Shashank Joshi in March 2017, MoneyOnMobile Inc. has omitted inclusion of this into their Form 8-K Filing with the SEC. This omission definitely seems to be with a malicious intent to default on their commitment with Shashank Joshi.
Can such individuals be called professionals and continue to be a part of the payment industry which is based on the principals of trust, integrity and confidence? Can investors feel secure about their investments and remain unfazed by the impending legal repercussions the business and its office bearers face?
Some quick and tough decisions need to be made by the investors and a sense of moral responsibility needs to be instilled into such delinquent office bearers who put everything to risk and have no remorse for their wrongdoings.
I urge all concerned investors, regulators, industry professionals to take cognizance of this, to seek further details and ascertain unbiased merits of the ongoing litigation as there is reason beyond doubt to believe that this brazen misconduct of the aforementioned individuals will only bring disrepute and tarnish the image of diligent investors and other honest Board Officials.
If you would like to know more, do get in touch with me at jithin@karkera.in
