Red Bank, NJ (PressExposure) December 07, 2007 -- Red Bank, NJ: Judge Bill Taylor of Circuit Court of Cook County, Illinois recently awarded a ($1,047,389.00) One million forty seven thousand three hundred and eighty nine dollar judgment to a group of investors who were defrauded by Mr. Jygnesh "Jay" Patel, the CEO of Taj Systems and Taj Systems, which owns TeenPatti.com, an online gaming / entertainment website. (PINKSHEETS:TJSS)
According to papers filed in the courts of Illinois, Mr. Patel and Taj Systems were deemed guilty of fraud. Patel and Taj Systems defrauded the investors by removing stock from an escrow account without proper authorization. These actions diluted the investors' equity and flooded the market with additional stock. Mr. Patel who was not in court when the judgment was ordered, is also listed as the online contact for Group Business Development of CinÃ©Maya Media Group, Inc., (PINKSHEETS:CNMY) who lists TeenPatti.com as one of its' clients.
The investors invested in Taj Systems common stock based upon Mr. Patel and Taj System's representations. The invested capital was intended to help fund the startup expenses for launching Teenpatti.com and fund the marketing campaign prepared by Elephant Advertising, a subsidiary of CinÃ©Maya Media Group, Inc. Mr. Patel assured the investors that no stock would be released from the escrow account without their representative's written authorization..
However, Mr. Patel did remove Taj Systems common stock from the escrow account without proper authorization. Furthermore, Mr. Patel failed to disclose to investors his business relationship in Elephant Advertising's parent company. The investors tried unsuccessfully to resolve this matter with Mr. Patel who refused to make the investors whole, forcing the investor group to hire an attorney and take legal action.
According to Mr. Michael Salerno, one of the defrauded investors, "We gave Mr. Patel and Taj every opportunity to rectify the situation; however, they put us in a position, where our only recourse was to take legal action. Unfortunately, we were unaware of Mr. Patel's unethical business practices when we made the investment. We hope this judgment will help other investors avoid a similar situation."
According to the company's website, CinÃ©Maya Media Group is a leading provider of high quality international South Asian media, entertainment, and marketing services. Elephant Advertising is a subsidiary of CinÃ©Maya Media Group which helped to create the TeenPatti.com website. Taj Systems is a gaming software developer who owns TeenPatti.com as well several other related websites.
For additional information, contact Mr. Michael Salerno at 732-758-1577, ext. 239.