Dilip Rahulan was sentenced to three years in prison on 27 December 2016 for “issuing in bad faith dud cheques for AED 21,852,500 equivalent of about USD 5.9 million”
On January 21st Dubai public prosecution issued his arrest warrant
The defendant Indian national Shah Tejashkumar Vinodchandra, reported that Dilip Rahulan signed two cheques totalling AED21,852,500 ($5.9 million) that were later returned unpaid due to insufficient funds, according to the court documents.
Shah has won both; the criminal case against Dilip Rahulan and civil case against Pacific Control Systems.
Dubai court have already issued orders to liquidate Pacific Control Systems assets in the UAE
We are in process of liquidating Pacific control systems & Dilip Rahulan assets in Dubai. if we do not get our money, we will go after Pacific control systems worldwide assets which included shares in WSO2 & Inframon
The investment in WSO2 is pacific control system UAE property and not property of Dilip Rahulan as an individual through Dilip Rahulan may have 100pct power of attorney of Pacific control systems
We hope WSO2 & Inframon will not part money with Dilip Rahulan as an individual otherwise WSO2 & Inframon can be charged with money laundering or party to facilitate fraud
Dilip Rahulan is presently living in the USA . As executive chairman of Pacific control Systems he borrowed over USD 400 million from banks & known people in the UAE.
Pacific control systems have defaulted on repayments leaving behind assets of under USD 200 million and syphoning off about USD 200 million from the company.
Dilip Rahulan had pre planned the fraud, Pacific control systems bought 33pct shares of Inframon and WSO2 in 2015.
INFRAMON is now acquired by ENSO
70pct of WSO2-Telco –part of WSO2 is acquired by AXIATA.
The proceeds of sale of Pacific controls shares have not come back to Pacific control systems in Dubai
Intel capital/CISCO capital and Toba capital are anchor investors @WSO2.Pacific control systems invested 20 Million dollars in WSO2 to own 33pct of WSO2.
For the original news story, please visit https://pressreleasejet.com/news/33pct-owner-of-wso2inframon-founder-of-pacific-control-systems-jailed.html.
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