Venkat Raman
The organiser of the Shahrukh Khan Show held in Auckland on October 4, 2013 continues to make a laughing stock of the Police, law-enforcing authorities and his creditors as he enjoys life with his spoils across the Tasman.
Agastya Reddy, the man behind the Bollywood event ‘Temptation Reloaded’ held at the Vector Arena, left the country weeks after the programme, cheating at least $1 million off people who loaned him various sums of money in good faith.
Hindi film stars Shahrukh Khan, Madhuri Dixit, Rani Mukherjee, Jacqueline Fernandez, and Indian rapper Yo Yo Honey Singh were among the main participants in the show, which was watched by about 7500 people.
World Cup Cricket
According to information obtained by Indian Newslink, Agastya was at a nightclub in Adelaide on the night of February 15 to celebrate the victory of India over Pakistan at the One-Day International Poll match held as a part of the World Cup Cricket.
As well as drinking and dancing, the runaway Aucklander was reportedly in high spirits since a number of overseas friends had also joined him.
At press time, we were trying to identify some of them.
His company, called, ‘AReddy Private Limited’ is in liquidation but his creditors believe that Agastya carefully planned his scheme to milk people after pleading that the Shahrukh show would be in jeopardy if the actors and other artistes were not paid in advance. He also reportedly took money from ‘marketing expenses.’
Majeed cheated
One of them, Ghouse Majeed, a businessman from South Auckland, is still reeling under a debt burden after advancing $110,000 to Agastya.
As reported in our June 15, 2014 and July 1, 2014 issues, Mr Majeed told us that a common friend had introduced Agastya to him saying that he needed temporary monetary assistance to organise the Shahrukh Khan show.
After hearing that Agastya was ‘enjoying life’ across the Tasman, he is determined more than ever before, to recover his dues.
“I feel disgusted and gutted that the New Zealand Police, despite several pleas to prevent him from leaving the country and allowed him to run away. I had provided all the evidence but they let him slip out of the country,” he said.
According to some sources, many others who had loaned Agastya sums ranging from $5000 to 50,000 have also been left high and dry.
Liquidator reports
Meanwhile, Auckland based Chartered Accountant Digby John Noyce, whose Res Corporate Services Limited was appointed Liquidator of AReddy Private Limited released his second report last fortnight, revealing some of his findings.
“AReddy Private Limited (incorporated on March 28, 2010) entered into a number of short-term loan agreements to raise funds for ‘Temptation Reloaded.’ A number of these loans, although documented in the loan agreements as being lent to the Company, were in fact advanced by lenders to third party bank accounts on the instruction of the director (Agastya). Some of these short-term loans were also used to repay earlier loans and not for the intended purpose of funding the show,” he said.
According to him, Agastya issued irrevocable undertakings that QPAM Limited (Vector Area) pay certain suppliers to the show $213,789.08 from the ticket sale proceeds it held in trust for the Company. These suppliers were paid on October 8, 2013.
Agastya issued another instruction on October 4, 2013 that a further sum of $370,000 of the net takings be paid to a creditor. This creditor received $360,000 on October 7, 2013 and advised that he had paid $365,688.65 to Shah Rukh Khan.
“We have conducted an extensive investigation into the affairs of the Company in the period leading to the Company’s liquidation and identified a number of voidable transactions and other amounts due to the Company. Our investigations are continuing.” Mr Noyce said.
IRD claims
Inland Revenue Department (IRD) has filed its claim for recovery of $311,285.92 as dues from Agastya. This amount includes unpaid Goods and Services Tax ($119014.84) and unpaid PAYE ($192,271.08).
In a general statement that we carried in our July 1, 2014 issue, an IRD spokesman had said that the Department will initiate appropriate action against show organisers who do not meet their tax obligations and deliberately do not comply with the rules in force.
“If you are organising a show or managing an event, you must fill out a tax return each year and send it to us by the due date. When completing your tax return, you must include income from all sources and work out the tax on your total taxable income. Further information is available on our website,” he said.
Indian Newslink will continue its investigations and report to readers from time to time on this issue.
