Ecommerce Fraud
There is fraud of unbelievable magnitude happening in some reputed e-commerce companies that needs investigation. Here is some info:
1) Company (with funding and wanting to raise more) signs up a trusted supplier (say phone/tablet supplier)
2) Supplier orders expensive gadgets through fake accounts as a customer
3) He is both the supplier & customer (transaction happening thru e-commerce site)
4) Once he supplies, he gets a small payment from ecommerce company for discounting
5) Ecommerce company gets additional revenue (in some case high magnitude and no. of transactions)
6) Ecommerce company please investors by showing this added revenue and raises much more money at much higher valuations
Please get Enforcement Directorate and others to investigate this asap. I am also reporting this in corruption circle. If this keeps going and gets figured out much later it will cause irrepairable damage to start up india and entrepreneurs of the country. more
1) Company (with funding and wanting to raise more) signs up a trusted supplier (say phone/tablet supplier)
2) Supplier orders expensive gadgets through fake accounts as a customer
3) He is both the supplier & customer (transaction happening thru e-commerce site)
4) Once he supplies, he gets a small payment from ecommerce company for discounting
5) Ecommerce company gets additional revenue (in some case high magnitude and no. of transactions)
6) Ecommerce company please investors by showing this added revenue and raises much more money at much higher valuations
Please get Enforcement Directorate and others to investigate this asap. I am also reporting this in corruption circle. If this keeps going and gets figured out much later it will cause irrepairable damage to start up india and entrepreneurs of the country. more
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It is necessary to accept the reality, if we wish to initiate correction. In all cases of frauds, including the most recent case of Mr. Vijay Mallaya, the fraudster is always very fast with respect to monitoring, intelligence, police, and judiciary. The system understands and recognizes the fraud long after the fraud is done. In many case, the typical one of Mr. Madan Mitra, TMC, even after a year in Jail, no conviction, and sadly the accused is eligible to contest election and win. Until systemic changes to identify the bud (onset of the fraud) and quick action (nip) is created and implemented in a non-partisan manner, the situation will not improve. Our honourable PM is a thorough gentleman. He believes in the honesty of all citizen. His intentions are great. But the stark reality is quite opposite. Then, how will India improve? more
Mar 10
All these things happen because INDIA has a rotten constitution made by lunatic and idiotic people. Indian Laws are full of loop holes. Law Enforcement Agencies, Governments and Judiciaries are ONE OF THE MOST CORRUPT IN THE WORLD. Take the current example of Vijay Mallya. After the loot he has simply disappeared from the country. It is not possible without the blessings of Ministers, CBI and other thugs. Shame on this country. Shame on Parliament which is full of crooks and scoundrels. Beyond repairs for ever. more
Mar 10
