- Report: #1527847
Complaint Review: Fury Zaidi - Dallas Texas
Reported By:
Ezekiel 25-17 -
Dallas, Texas, United States
Submitted:
Updated:
-
Author Not Confirmed
Why?
Fury Zaidi
10733 Spangler Rd Dallas, 75226 Texas, United States
Phone:
214-231-1450
Web:
https://wingpowersystems.com/
Categories:
Business Rating:
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Fury Zaidi FARROUKH ZAIDI NGV Global Group Inc Natural Gas Supply LLC Wing Power Systems Inc. GREENPATH LOGISTICS GREENPATH MAIL OPERATIONS LLC NATURAL GAS LOGISTICS INC Zaidi Family Trust Kauri Gallery Shan Zaidi PONZI SCHEME, convicted felon is allowed to steal 100 million dollars banks & investors Dallas Texas
Report Attachments
In a fairly, unsophisticated Ponzi Scheme, Farroukh Zaidi (aka Fury Zaidi) buys used/junk commercial trucks, trailers & equipment then has a related party appraise the items for 10x the real value to have a bank finance the equipment another related company owned by Mr. Zaidi or his son Shan Zaidi.
The scheme is predicated around the compressed natural gas (CNG) business where Mr. Zaidi would sell the idea of converting old used diesel trucks into new clean burning CNG trucks but in reality, Mr. Zaidi & his son only converted a very small portion of the actual used equipment they purchased due to the massive failure rate & real cost of the conversions.
In all, Mr. Zaidi & his son convinced investors, banks and equipment financing companies to fund over 750 pieces of equipment, ranging from $90,000 to $150,000 each. The majority of all the used equipment was purchased for 5 to 10 cents on the dollar due to miles, condition or even salvage. Mr. Zaidi then had a related, third-party appraiser provide a new value, stating the equipment was indeed converted or refurbished for the bank’s approvals.
At the height of the scheme, Mr. Zaidi was about to take $4 million per month to buy himself a multi-million mansion, a fleet of exotic car collections, other real estate & even an art gallery he calls Kauri Gallery to help him launder the funds.
The top banks are First Capital Bank, DeSoto Bank, Mike Albert Commercial Fleet Finance, Commercial Credit Group, Ford Commercial Credit, & many others.
NGV Global Group Inc (parent company) of Natural Gas Supply LLC filed for Chapter 11, November 2022 in the Texas Northern Bankruptcy Court, Chapter 7 in July 2023 according to court records.
Mr. Zaidi, is a convicted felon, with 13 felonies dating back to the mid 1980’s before starting NGV Global Group Inc in 2019.
