Complaint Review: Mr. Prakash Arunachalam

I sincerely have problems with unfairness and since I was directly invovled I will add some indisputable facts to this unneeded and unwarrented post. The individual writing these negative posts had a Buyer that did not sign all of the required documents. It is my understanding an associate of the Buyer is a former bank officer (former chair of a small private bank). This former banker started making unauthorized calls to the banks listed in the Contract (a clear breach of contract) and got standard reply from the bank(s) he called: "we do not know who you are talking about, do not know the transaction, do you want to report it as fraud etc...". 

The transaction clearly fell apart at that point as any transaction does when unauthorized calls are made. I guess out frustration this individual decided to unfairly bad-mouth an honest man in this public forum. Which is a shame. It is my opinion if there was better communication this transaction could have been worked out.

The Seller (Prakash) is a very honest and decent man. He can close if the Procdures are followed. That is the most important point. Following the Procedures in the contract would seem to be the the way the transaction should be done. In this case when when frustration, egos and a lack of commincation all get together it immediately stops all productivity in every way and the transaction fails.

This was a combination of misunderstandings and lack of communication causing frustration and that is it! The Buyer on this deal I feel is absolutely real and the Seller also very real. The Procedures did not match exactly and the deal did not happen.

There is no reason any of this should be posted to a public forum. Saying things that are negative about a person that can perform if the Procedures that were given were followed is unfair. Hiding behind fictitious names seems very unfair as well. Looking back we all could have done a few things a bit differently and then we would have been very successful. Time to move on to success!

While we understand Mr. Prakash is not happy to have his name posted on this forum, the experience is 100% genuine and accurate and there is no retraction on the 'Identical Experience' report.  It was and still is 100% accurate.  The above commentators retraction is trying to justify the nebulous business practices of someone who executed contracts and tried by all appearances to defraud a client.  When the CEO of another bank contacts the bank in question to inquire on a transaction, the corresponding bank will tell the truth about said transaction because that is how banking operates globally. Let's look at a fact, Mr. Prakash supplied bank account numbers that werent even real bank account #'s.  When a question was asked by the principals as to why the bank to bank email was not responded to, the response from Mr. Prakash was one of the most idiotic responses imaginable...why? Because it was a made up response not based in reality after he had been caught.

To the brokers that seem to be supporting this happening to more people, stop with your ignorance and go find a real supplier of paper.  Everyone know's you never closed any transactions with him.

This rebuttal is being written to set the record straight regarding Mr. Prakash Arunachalam. I was lead Broker on both transactions that led to both the orignal report and an additional comment. As it is clearly stated the orignal report was RETRACTED in its entirety. The person who filed clearly admitted that they did not have all the facts, thus the RETRACTION.

The additonal comment that was posted is more of the same. There was a misunderstanding over Procudres and the requirements that were needed to engage with the Seller (Mr. Prakash Arunachalam) on those Procedures. I do feel the party knows better than to use an unscheduled, out of the blue, 3rd party call to a bank as proof of anything. I do not know of any bank that will give out any information about one of their clients to any random caller?

It is my understanding that it would be more than a liability, it would be illegal for the bank to give out any information to a random caller demanding information on a transaction, an account or client. The response from the Bank being (summarizing): Don't know who you are taking about, never heard of that person, do not know anything about the transaction you mentioned and finally, would you like to file a fraud report? This is the "STANDARD REPLY" for the bank dealing with unshceduled random callers.

I sincerely feel the problem here stems from frustrations and misunderstandings. There is no question in my mind that Mr. Prakash Arunachalam can perform! Just as important to point out that I have worked with him before, continue to work with him now and at no time was he ever a party to any form of fraud. 

This paper business is both complex and difficult along with being filled with morons, misfits and mental defectives. The people involved in these two transactions do not fit into those catagories. They are real Professionals who I enjoyed working with. Unforunately Procedures did not match up exactly the way we wanted them too.   

I can confirm with 100% accuracy that everything written above is correct.  Our buyer took it one step further and contacted the 2 banks and bank officers Prakash had listed on his executed contract.  Both Commercial Bank of Qatar and Deutsche bank stated that it was a fraudulent transaction, they did not know Prakash or the company he had listed on the contract documents and that the account numbers listed were not real account numbers.  Both banks asked my principal if they wanted the bank to report him to the financial authorities and my principals decided against it to avoid the headache. 

THIS IS A TOTAL RETRACTION OF THIS REPORT. THE INFORMATION WAS INCORRECT AND WRONG. We acted on competely incorrect facts and consider Mr. Prakesh to be acting in his Best abilities.