Sri Ram Tumuluri, a Canadian-Indian businessman, was arrested in Dubai for financial corruption. The charges include bounced cheques. Currently on bail, he is under investigation in the Middle East. The investigation is ongoing, according to the government. If Tumuluri doesn’t settle his debts, he faces a ban from the country.
After his arrest, this report delves into Ram Tumuluri’s global business dealings. Indian and American media have extensively covered a trial involving deception and lies, originating from Canada and India.
Daphne Galizia Investigates Ram Tumuluri
Daphne Caruana Galizia, a renowned Maltese journalist, was murdered in October 2017. She had revealed plans to expose financial scandals involving Sri Ram Tumuluri. Tumuluri, a controversial Canadian-Indian businessman, was the focus of her investigations. Caruana Galizia dedicated years to probing Tumuluri before her tragic death. The journalist’s car bombing occurred shortly after her public announcement.
Maltese brothers George Degiorgio and Alfred confessed to the murder of journalist Daphne Caruana Galizia. However, close associates argue that Maltese authorities inadequately investigated, leaving unanswered questions. Caruana Galizia extensively covered the financial crimes of Sri Ram Tumuluri, a subject of many of her articles. Her blog, “Running Commentary,” dedicated significant resources to expose Tumuluri, who she described critically before her tragic death, causing shockwaves in Malta.
1. Ram Tumuluri, labeled as a “fraudster burdened with numerous unsettled debts in Canada. (https://daphnecaruanagalizia.com/2017/05/memory-box-muscat-sacked-godfrey-farrugia-made-konrad-mizzi-health-minister-instead/)
2. Ram Tumuluri, described as “extremely dubious Ram Tumuluri. (https://daphnecaruanagalizia.com/2017/05/heres-picture-head-civil-service-celebrating-labour-hq-2013/)
3. Ram Tumuluri “corrupt incompetent” Ram Tumuluri. (https://daphnecaruanagalizia.com/2016/11/told-moment-ever-one-ill-gracious/)
4. Ram Tumuluri “the man of questionable repute” who corrupted nurses.(https://chandigarhmetro.com/exposed-and-wanted-controversial-canadian-indian-businessman-sri-ram-tumuluri/blank)
5. Accused Ram Tumuluri, an alleged fraudster in BC, stole $400K from hotel accounts, destroying books.
Mark Pawley is recognized for overseeing Oxley Capital from Singapore and engaging in questionable transactions. Recently, Ram Tumuluri asserted that he had to leave Malta due to a senior politician threatening him with a fate similar to the murdered journalist.
The politician’s office has dismissed Ram Tumuluri’s statements as baseless and absurd, accusing him of making false claims to deflect blame. During his time in Malta, local media alleged an affair between Tumuluri and Deborah Chappell, a Maltese lawyer and former Technoline director. According to local sources, investigative journalist Daphne Caruana-Galizia was reportedly working on a piece about this situation, including the potential involvement of another politician, before her untimely death.
Unethical payments to a government official
Ram Tumuluri has once again come under public scrutiny following the emergence of evidence suggesting that his UK-based company, Causis Group, made undisclosed and corrupt payments in 2015 to Carmen Ciantar, the chief political advisor to Malta’s health minister, Chris Fearne.
Ciantar resigned from her position after it was revealed that she received €443,500 Euros from Gozo International Medicare Ltd, a part of the VGH group, with the funds originating from the Emirates NBD Bank in Dubai. Shortly after these transactions, Ciantar transitioned to working on Fearne’s election campaign and was appointed CEO of FMS.
Malta authorities seek Sri Ram Tumuluri for an inquiry, but he declines cooperation and refuses to travel for questioning. Tumuluri, via legal representation, asserts payments were legitimate, denying any wrongdoing in connection to the business deal.
Persistent Deceptive Pattern in Ram Tumuluri’s Business Operations
In all of his dealings, Ram Tumuluri follows a persistent pattern: he offers investment opportunities to individuals, even though he lacks the necessary funds himself. He presents these ventures as easy and lucrative, establishes complex offshore corporate structures. He involves his associates and past business contacts, secures partial funding for the projects, and ultimately exits, taking with him any invested funds. Notably, Sri Ram Tumuluri deliberately neglects to file accounts, particularly in companies he has incorporated in India, the US, Canada, and Singapore.
This lack of financial transparency makes it challenging for plaintiffs to make claims against substantial assets under Tumuluri’s name, as he minimizes tangible assets by, for instance, renting rather than owning property. Public records analysis reveals a consistent failure on Tumuluri’s part to submit annual returns, leaving unanswered questions about the whereabouts of the invested funds.
Beginning of one’s professional journey
Ram Tumuluri, born in Hyderabad to Satynarayana and Bharti Tumuluri, hails from a middle-class Brahmin family without a business background. Despite claiming to have earned an undergraduate degree in Culinary Arts from Osmania University, the institution denies offering such courses. Additionally, Tumuluri asserts attending the London School of Economics (LSE), a claim refuted by the LSE administration, which has sent a letter demanding he cease making false statements.
Facing financial turmoil leading to bankruptcy in Canada in 2014, Tumuluri resorted to joining the Couchsurfing network in Singapore to avoid hotel expenses. This internet-based platform allows members to find free accommodations in strangers’ homes while traveling or relocating. Despite his financial challenges in Canada, Tumuluri rebounded in January 2015, securing substantial deals and managing funds successfully in Singapore.
Ayucare: Indian Business Failure
In India, Ram Tumuluri founded the Ayucare brand under his company Holistic Healthcare, presenting it as a business that had made a significant impact nationwide. The truth differed significantly: a primary spa functioned from a house, leading to its closure with considerable losses. In 2008, Tumuluri Hospitality Inc, his vehicle, invested INR10 million (equivalent to US$230,000) in the venture, marking a substantial commitment. Notably, Tumuluri had previously left Marriott Hotels in Alberta, Canada, to become the senior manager of the Wickaninnish Inn in Tofino, Canada, just a few years prior. Unfortunately, the investment proved unsuccessful, and today, there are no signs of Ayucare or Holistic Health. Instead, a banner advertising the leasing of the property hangs outside.
Despite being the only two registered officials for the company, Tumuluri and his wife Sonya failed to fulfill any of the mandatory filing requirements with the Canadian companies registry after registering the company. Consequently, Canadian authorities dissolved the company due to non-compliance.
Sri Ram Tumuluri: US Corporate History
In the United States, Ram Tumuluri and Phrasavath Douangmala got married, but they divorced in April 2003. Tumuluri’s history in the US spans roughly from 1998 to 2004, during which he lived in Chicago, Illinois. In the divorce records from Milwaukee County, Tumuluri’s birthdate is listed as September 1975 instead of May, and it’s unclear if this was intentional. Corporate registries show Tumuluri as the director of a real estate development company that was dissolved in 2014 for failing to file annual returns. He is associated with a social security number (340 ***1) issued in Illinois in 1998. Phrasavath Douangmala operates an assisted living facility, Douangmala Phrasavath Adult Family Home, catering to individuals with disabilities at her residence.
Tumuluri, a former president and director at Venturex Hawaii Investment Corporation, dissolved in December 2014 for not filing reports. Another individual, Mamoru Hamanishi, connected to Tumuluri, has ties to British Columbia.
Canada bankruptcies and failures
Tumuluri later relocated to Canada, where his business practices established a consistent pattern of behavior observed throughout his career. All of his companies faced dissolution due to the failure to file company accounts. Legal records outline various claims, including the misappropriation of company funds and the neglect to provide accounting information to business partners. His projects experienced repeated failures, resulting in numerous claims from creditors, ranging from mortgage providers to unpaid suppliers. Notably, during his time in Canada, Tumuluri owned property only once.
Official documents in Canada reveal that Tumuluri incorporated seven companies between 2006 and the present, with only one remaining active. The other six were dissolved due to the non-filing of company records. From 2005 to 2010, he engaged in the acquisition and management of two hotel projects in British Columbia – Nita Lake Lodge (NLL Holdings) and Cable Cove Inn & Spa. The venture at Nita Lake Lodge, in collaboration with Praveen Varshney, was marked by allegations of financial mismanagement and misuse of company funds. Both projects faced legal challenges, including litigation over defaulted mortgage payments.
In registering the seven Canadian companies, Tumuluri used various physical and postal box addresses, all of which were temporary and not found to be owned by him, his wife, or their associated businesses. Tumuluri assumed control of Nita Lake Lodge in Whistler, British Columbia, Canada, in March 2010, and by December of the following year, he had declared bankruptcy.
Electric Bus Deal: Russian Connections
An investigation by an American publication has uncovered that Thomas-Christian Seitz, Sri Ram Tumuluri’s partner in the Indian Rs2,800-crore electric buses deal, has close ties to the Kremlin and has previously worked in the interests of Russia’s intelligence agency, the Foreign Intelligence Service (SVR), formerly known as the KGB.
Two years ago, Causis Group Ltd, registered in England & Wales and owned entirely by Ram Tumuluri, successfully secured a tender to supply 1,400 electric vehicles to The Brihanmumbai Electric Supply and Transport (BEST). Although registered in the UK, Causis Group Ltd lacks operational activities, with its functioning entity being the India-registered Causis E-Mobility Pvt Ltd. The extensive coverage of Ram Tumuluri’s Russian connections garnered significant attention.
Controversial Mumbai Electric Buses Project
Ram Tumuluri’s recent Brihanmumbai Electric Supply and Transport (BEST) project is facing serious allegations of scandal in the Indian media. Despite signing a deal with the Indian government in October 2021, the project, scheduled to commence within two months, has shown no progress. Indian authorities assert Tumuluri’s inability to secure $8 billion funding for the Mumbai electric buses agreement worth Rs2,800 crore.
Government sources revealed that Causis, Tumuluri’s company, is using the Memorandum of Understanding (MoU) with the Maharashtra Government as security, but banks are insisting on a sovereign guarantee from the state government, which remains unapproved. The struggle to secure debt continues, and Causis has been unsuccessful in finding credible lenders. Despite numerous promises on paper, there has been no tangible progress. Mumbai authorities are concerned about the potential for Tumuluri to defraud investors and business partners, given Causis’ lack of manufacturing or technical capabilities.
According to The Indian Express, Causis secured a tender to supply 1,400 electric buses to BEST. The contract, signed in October 2021 with the Maharashtra state government, involved Rs 2,800 crore ($370,000). Maltese outlet, The Shift News, suggests parallels between Ram Tumuluri’s Mumbai dealings and a fraudulent health model in Malta.
Dubai Inquiry into Alleged Corruption
Tumuluri asserts ownership of two UAE-based entities, namely Mount Everest Global Trading and VGH Dubai. Despite his efforts to secure funding in the UAE for the Malta PPP project, these attempts proved unsuccessful. Mohammed Hanif Shaikh, Chairman of Emirates Holding Group, played a role in facilitating Tumuluri’s funding endeavors through his office and contacts. Subsequently, both of Tumuluri’s companies ceased operations following their failures. Recent reports indicate that Dubai authorities have interrogated Ram Tumuluri regarding allegations of utilizing the country for corrupt dealings. Intelligence suggests that the Dubai government took action based on information provided by their Western counterparts.
Montenegro Corruption and Fraud
In Montenegro, Tumuluri secured a Public Private Partnership (PPP) contract amid allegations of corruption within the Presidential inner circles, as reported by the local media. The contract was revoked when it was revealed that Tumuluri had allegedly bribed local politicians.
Further investigations reveal that several business associates of Ram Tumuluri have faced accusations of dubious business practices, fraud, misappropriation, or manipulation of stock exchanges. Despite their claims of significant commercial success, none of them have a proven track record. Pawley and associates, like Tumuluri, lure investors with promises of success, then declare investments failures, leaving investors with losses. Tumuluri and his associates then move on to establish new projects.
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