Personal Property of Madhavi Vuppalapati & Anandhan Jagaraman to be Auctioned Pursuant to Judgment Obtained by Kyko Global Inc. Against Madhavi & others in the Court

The sheriff seized personal property of Madhavi Vuppalapati to satisfy a judgment for $17,568,854 plus interest awarded toKyko Global Inc. in a case of alleged fraud.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friendRepost This
Kyko Global Inc. Obtains Judgment Against Madhavi Vuppalapati, Prithvi Information Solutions Ltd. and others in the Western Districtof Washington Court at Seattle

Kyko Global Inc. Obtains Judgment Against Madhavi Vuppalapati, Prithvi Information Solutions Ltd. and others in the Western Districtof Washington Court at Seattle

Overall we are pleased with the court judgment and hope to see the perpetrators brought to justice.

Seattle, WA (PRWEB) April 09, 2014

On February 12, 2014, the King County Sheriff entered the home of Madhavi Vuppalapati and her husband, Anandhan Jagaraman and seized their personal property. The seizure comes on the heels of a judgment granted on September 6, 2013, pursuant to Court File No. 13-CV-1034 (filed in the Superior Court of Washington for King County), in an alleged fraud case of almost $18 million, payable to Canada-based Kyko Global Inc. against the following parties: Madhavi Vuppalapati, Anandhan Jagaraman, Guru and Arundathi Pandyar, Srinivas and Jane Doe Sista, all of Bellevue-WA, and Prithvi Information Solutions Ltd., Inalytix Inc., International Business Solutions Inc., Avani Investments, Ananya Capital Inc., and others.

In its Complaint, Kyko has made allegations under the Racketeer Influenced and Corrupt Organizations Act (RICO) and of financial fraud, mail fraud and wire fraud. According to the Complaint, Prithvi entered into an agreement with Kyko for factoring services. Pursuant to this agreement, Prithvi was to sell to Kyko some of its customer account receivables for IT services and authorize direct payment on those customer accounts receivable to be made to Kyko in exchange for a portion of the amount outstanding from its customers to be paid immediately by Kyko.

Prithvi is alleged to have falsified information for over two years, thereby defrauding Kyko. According to court documents, the internal investigation revealed that Madhavi Vuppalapati and Prithvi Information Solutions had “created fictitious customers and bogus invoices to deceive Kyko and obtain monies from it.” These court documents list out some of the companies that were falsely misrepresented, including big names in business, such as Dick’s Sporting Goods, Enterprise Product Partners, Financial Oxygen, Huawei, and L3 Communications.

Kyko approached the United States District Court in Seattle, and the court immediately issued an order temporarily restraining nineteen companies and individuals, including Madhavi Vuppalapati, her husband, Anandhan Jagaraman, Prithvi Information Solutions and others, from “transferring, liquidating, converting, encumbering, pledging, loaning, selling, concealing, dissipating, disbursing, assigning…” thus freezing all of their assets. This Order freezing the assets also applied to third parties such as banks or other financial institutions.

Although the allegations under RICO and of fraud are yet to be proven in court, several of the defendants, including Madhavi Vuppalapati, Prithvi Information Solutions Ltd., Inalytix Inc., Avani Investments, Ananya Capital Inc., and others executed confessions of judgment for the full amount claimed by Kyko. According to court documents, Hon. Madam Justice Pechman entered a Judgment against these defendants pursuant to such confessions of judgment in the amount of $17,568,854 plus prejudgment interest in the amount of 2.45% per month, for a total amount of $796,776. Both the Judgment and interest are to be paid to Kyko as repayment of what was allegedly fraudulently obtained from it. Justice Pechman further ordered that post-judgment interest accrue and be paid at 2.45% per month.

“Overall we are pleased with the outcome and hope to see the perpetrators brought to justice,” commented Mr. Kiran Kulkarni, CEO of Kyko Global Inc. “It's obviously important to recover all we have lost and this is the first step.”

The sale of the personal property was scheduled to occur on March 20, 2014 but has now been extended to a date to be determined shortly.

Kyko Global specializes in trade facilitation and offers tailored financing solutions to its clients around the world. The company is based out of Toronto, Canada and Nassau, Bahamas. For more information on the company visit its website at http://www.KykoGlobal.com.


Contact

Past News Releases Group Rss Subscribe