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Indian Physician Defrauded by a Local Indian Retiree

With increasing population of the prosperous Indian community, the community is seeing its’ share of con artists, criminals, and swindlers.  In the past couple of years many members of the community, including but not limited to gurdwara priest, seniors, and lonely retirees were duped by members of their own community.

Once again, in a strange case of a trust, friendship and community connection, the local Indian wealthy Physician (name withheld) lost a significant amount of money to a fellow Indian retiree Mr. Mukund Vasa.  Mukund and his wife Vimi Vasa are active members of the local Las Vegas Indian community.  A bench trial is scheduled for June 25th, 2018 in the courtroom of Hon. Judge Jim Crockett.

The retired Civil Engineer Mukund Vasa is accused by a prominent local Indian Physician of fraud, misrepresentation, co-mingling of investment funds, theft, and embezzlement.  A local business attorney has been hired by the Physician and has filed a lawsuit demanding the return of original investment money.  Out of court settlement and other options recommended by the Physician was of no avail.

In early 2014, after months of persuasion by Mr. Vasa, the Physician decided to invest some of his available funds and provided Mr. Vasa with access to his personal investment trading account with the national stock brokerage firm Scottrade.  However, in an email to the Physician, Mr. Vasa stated that he is not used to Scottrade platform and continued to pursue to move the assets to a new account with fidelity and thereby have a control over victim’s funds.  Soon after, in September 2014, Mr. Vasa and the victim Physician signed a Partnership Agreement.

While the arrangement based on accused Mr. Vasa promise, the account was set up with quite a bit of initial funding by the victim.  Mr. Vasa convinced the victim to transfer additional assets – given the cajoling, the victim transferred additional money and Four Thousand (4000) shares of Bank of America (BAC) stock.

The partnership didn’t last long due to mismanagement of assets by the accused.  When the victim asked to return the monies and the shares, Mr. Vasa stated that he would return the same by March and/or April of 2015.

However, not only did he not return the monies and the shares, Mr. Vasa allocated his personal losses to the partnership and some additional personal losses from the pre-partnership agreement.  Mr. Vasa is accused of breaching his fiduciary duty to the partnership in multiple ways.  Additionally, Mr. Vasa is accused of selling Bank of America stocks owned by the Physician instead of returning it back to the victim.  It is alleged that in June 2015, Mr. Vasa transferred partnership funds to his personal account.  Soon after, it is alleged Mr. Vasa threatened the Physician that all of his money “may have the same fate.”

Currently, the damages are over $250,000, however, Physician attorneys’ are trying to settle the dispute amicably by lowering the amount.  The settlement is for a pre-trial offer and not meant to be the sole damages incurred by the victim.  Additionally, the plaintiff Physician lawyers’ are asking for Mr. Vasa’s professional financial qualifications including but not limited to licenses, certifications, and other qualifications that Mr. Vasa claim to have or were required to have according to Nevada law and Federal Regulations.

11 Comments to Indian Physician Defrauded by a Local Indian Retiree

  1. Pankaj Mandalia says:

    This is quite fascinating…. no not sad because no one “Forced” the physician to go out and invest his money in partnership with some one and then give full control….. Let me explain.
    1. Which stupid fool in the world, is going to give FULL ACCESS to someone who he has known for a short period of time?
    2. Why wouldn’t you hire a reputed firm like Charles Schwab or Merryll Lynch instead of going with some off-the-road con artist. Remember one thing, if some one is persuading you to part with your money or give access to your account, its fishy already…
    3. I don’t want to bad-mouth a dead person, but I am slo not afraid of telling the truth as it is: Deepak Desai along with Ravi and Mario did the same thing. None of those clowns knew how or where to invest, and they swindled money from unsuspecting innocent people and the fault lies on both sides. Those unsuspecting people were also freaking trying to get rich overnight – they wanted to ride the upscale wave, so they took a risk and it did not work out.

    These people who claim themselves the cream of the crop as physicians, businessmen, entrepreneurs, are in fact so dumb, they have no knowledge of anything else except their own curriculum books…. Book-worms!!!!

    So, the moral of the story is don’t feel sad for such people because they did not do their homework and if you are gullible enough to dish out your hard earned or easy earned money, there is always someone savvy enough to take a piece of your pie….

    • Desi Ameri says:

      It’s sad Mr. Mandalia blames the victim, and says not a word about the swindler. Even if one is stupid (physician or not)he doesn’t deserve to be defrauded. A crook is a crook whether he steals money from a stupid person or a smart one. May be Mr. Mandalia is just jealous of doctors and people who have money, and has no morals.

      • Pankaj Mandalia says:

        I have physicians in my family so the question of being jealous does not arise.
        If you leave your doors open, anyone will swindle / loot / steal – so crooks will come and get you.
        Where did morals come into the pic? Majority of he so called DON doctors are either in jail or on their way to.
        No need to get so personal, and if you do want to get personal, show your real name like I did and we can argue at length about morals..instead of acting like a coward who hides his name!!!! A true indication of Pathetic Losers!!!

  2. mike says:

    The moral of the story is about identify fraud ,expose the type of people commit fraud. With normal honest hard work living cannot help anyone to live comfortable . Generally speaking , once written agreement , both parties would follow the written agreement. Mukund Vasa is 84 years old. If doctor trusted 84 yrs old , is understandable. The community should expose such people ( mukund and Vimi vasa) ., the irony is our own community support such people . The meaning of Vegas desi site is probably for that reason.

  3. Mikeee says:

    If Pankaj bhaya would have said couple of sentence about the culprit ….instead of victim…. would have been fair ! We have noticed Pankaj commenting with a sarcastic twist.

    I am sure everyone likes to make sure that money work for them. Who would think a 84 yrs old guy would cheat when his one leg is already in mortuary??? If Vasa have any consideration , he should pay back with apology . There is a word called honesty, integrity, and trust. Vasa ,84 years will take his karma
    and not $$. Everyday we live on trust, doing good, not to do bad if we cannot do good etc…

    The fact of the matter Birds with same feather fly together. There are many community people fly with VASA . Please Stay away from Vasa unless you belong to the same type. By knowing one bird ( Vasa) you know others.
    Community should boycott such people. Which side Pankaj is????
    I like to stay away from fraud who come in different packages.

  4. urmi says:

    Mr. Mandalia is encouraging community people to steel it is ok to do fraud in his eyes. He says if you leave your pot open i will take pie too.Those are the physician who work hard and save many life days and night. If you cannot respect physician then you have no right to take their help when you need ..Every profession is respectable and stealing is a crime it doesn’t matter which way it is the act it’s matter not who and how they did.. everybody is smart but some believe in honesty, integrity and some believe in taking piece of pie from somebody..I think Mr. Mandalia has done same things like Mr. Vasa so he seems it is alright..and he is smart enough so nobody knows about it..HAHAHA

    • Pavan says:

      Lots of hanger ons in Vegas especially financial types who are leeches at every party trying to become financial advisors and sell unneeded insurance products. Pankaj is correct in that the person was stupid. However stealing from stupid people is still wrong.

    • Pankaj Mandalia says:

      There is NO reason to feel sympathetic towards such fools who want to get rich overnight..
      Who in their right minds will trust and give their account number and password to a stranger? Only stupid people.
      There is always some one waiting to make a fast buck and if you allow them, they will…
      No I do not condone stealing from anyone – innocent, greedy, or otherwise, but there is no reason for me to show sympathy either..
      What you sow, so shall you reap !!!

  5. HELLO VASA says:

    There is a code of conduct we live by . There is code of ethics you teach your own children. FRAUD IS NOT MATTER OF DISCUSSION BUT SHAME ON SOCIETY IN GENERAL. VEGAS DESI IS TRYING TO EXPOSE THESE PEOPLE SO OTHERS
    ARE SAFE. Retrospectively everything looks ugly.



    • Pankaj Mandalia says:

      Now that is another form of ignorance… Some one stole from you deliberately and you are expecting an arbitration?
      Wake up dude… If that was going to happen, he would not have swindled in the first place.
      I know there is a lot of anger towards me because I don’t show sympathy for greedy ignorant people…
      There is no reason to!!! That is only WISHFUL THINKING that the swindler will return a penny!

  6. Pankaj Mandalia says:

    In fact, I am really enjoying this wrath that the desi community is directing towards me because they can’t get anything out fo the swindler so they are trying to say that I am supporting the swindler.. No where in my original comment have I said that, but at the same token I HAVE NO SYMPATHY for anyone who wants to get rich by giving their account and trading password to someone by easy money.. It is rightly said that easy come easy go.. The moral of the story is do your own research and invest yourself… if you trust someone else to make money for you in the securities business, be prepared to lose also. That is why EVERY securities trading company has a disclaimer that says, your principle is NOT GUARANTEED AND CAN LOSE VALUE..
    Do you folks who think I am supporting the swindler EVER read the fine print? Or you just want to get your anger out on someone because he is not sympathetic towards such people !!!!

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