Anmol Seth: The Reverse Midas

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Another one of Anmol Seth’s made for show images off Facebook

By Stephen Cook

AUCKLAND’S NEW King of Con is facing more damning accusations about his business practices – this time he’s in the gun over a restaurant deal that went sour and nearly sent one hapless Indian investor to the poorhouse.

Yesterday that investor decided to come forward to join the dozens of other hard-working Indians taken in by the man referred to as “the billionaire of Flatbush.”

Not that Anmol Seth is a billionaire.

The five-foot-nothing Indian may drape himself in gold and diamonds and drive expensive sports cars, but its just part of a grand illusion designed to flatter and ultimately deceive.

Up until now, there have been scores of Indian investors buying Seth’s story of a self-made man with the Midas touch in business.

But the reality is somewhat different.

“The Midas touch? Bugger off. Anmol Seth has the Midas touch in reverse. Everything he touches turns to shit,” said one aggrieved investor.    

Yesterday another investor came forward with his tale of woe – a story becoming all too familiar.

In 2013 the man met Seth’s right-hand man and ‘groomer’ Akhilesh Chaudhary, who of course had a deal too good to pass up.

“Akhilesh told me I could buy the restaurant he had recently opened… he introduced Anmol to us as his accountant and told us that he was very good at what he does,” he said.

“He showed us the photos of his Lamborghini and Rolls Royce and the websites of his companies.”

One of the many faces of Anmol Seth

One of the many faces of Anmol Seth

The investor said Chaudhary then suggested he bring Seth on board as the business’ new accountant as he could assist with obtaining finance and helping grow the business.

It was the same story Chaudhary peddled to another Indian investor who eventually ended up $32,000 out of pocket – and on the verge of bankruptcy.

Chaudhary told the budding restaurateur the business was making a minimum of $7000-a-week – but never provided the business accounts to back up his claims.

Frustrated, the investor was about to walk out on the deal – and then met the smooth-talking Seth who he says guaranteed the deal was a good one.

Despite the chattels being in poor condition, the investor eventually agreed to the deal and the purchase price of $120,000 was agreed upon.

But rather than sign the deal for the agreed asking price, Seth and Chaudhary convinced the investor to sign a fake agreement for $180,000 – $60,000 more than what had been agreed to.

The investor was told “this will be better for getting the bank loan:”

“It never made sense to us that they put the price a lot higher in the sale and purchase agreement, but Anmol seemed like the person who has connections and who could help us,” the investor said.

“At the same time we felt that Anmol was never on our side and was in fact acting on behalf of the other party – Akhilesh Chaudhary.

“At one point when our concerns grew and we were trying to turn to Anmol as our accountant for advice, he even threatened us by saying that we should not try and negotiate with Akhilesh as we have signed the contract for $180,000.”

The investor said Seth warned him if he annoyed Chaudhary he could well end up having to pay $180,000 for the business rather than the agreed price of $120,000.

The investor wasn’t happy so later wrote to Seth outlining his concerns.

Anmol responded aggressively, warning the investor not to write to him again with his concerns or he’d pull out of the deal altogether.

At the time the investor had been relying on Seth to arrange the bank loan for the deal, but weeks later when he inquired with the BNZ about what progress had been made discovered no application forms had even been lodged.

The investor wrote to Seth demanding action and a refund of the fees he’d already paid.

Again his demands were met with threats.

“He started threatening us again asking for proof that he did not provide service. He then said we had to pay for 12 months of accounting services… and if we didn’t pay he would take the matter to the debt collectors,” he said.

“At the time our lawyer told us not to pay anything and if he wanted to take matters any further then bring it on.”

In the meantime, Chaudhary was getting nervous.

He had a pig of a restaurant and he wanted to get rid of it fast.

Eventually he persuaded the investor to hand over what cash he had until the bank loan was approved. Once he received the money, Chaudhary was never seen again.

The bank did approve the loan with some of the proceeds going to Seth, the rest to Chaudhary.

In return, the investor ended up with a business with no lease as Chaudhary apparently owed money to the landlord who wanted payment before he’d enter into any new agreement.

And in a double-whammy, it turned out the business wasn’t making what Seth and Chaudhary claimed it was

“Numerous attempts to sort this issue out with the help of our lawyer brought no positive results for us. We later found out Akhilesh was bankrupt and was not supposed to act as vendor.”

The story continues…


cookStephen Cook is a multi award-winning journalist and former news editor and assistant editor of the Herald on Sunday.

 


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.

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