ONE BANGLADESHI JAVEED A. MATIN DEFRAUD OVER $10 MILLION & RAN AWAY?

[Dhakai]

THIS MAYBE THE BIGGEST INTERNATIONAL FRAUDULENT SCAM INVOLVING A BANGLADESHI NATIONAL NAME JAVEED A. MATIN. ITS A DISASTER FOR FUTURE FOREIGN INVESTMENT IN GROWING TEXTILE SECTOR OF BANGLADESH.

According to posts at VLVT discussion site by hundreds of investors at the www.ragingbull.com and www.seliconinvestor.com one Bangladeshi businessman named Javeed Aziz Matin who used to live in Chino Hill, California, U.S.A. took a company public in the United States by submitting all kind of bazar false statements in the range of 100% to NASDAQ OTC-BB authority under the name of Veltex Corporation (symbol VLVT).

It seems the whole fraud/scam is pre-planned by one individual Javeed A. Matin, a Bangladeshi. His plan seems to be to use internet media to pump Veltex Corporations stocks with all kind of false PR newswires over the internet, than quickly DUMP some 30 plus million unauthorised shares and bring hard cash into Veltex Corporation's account.Then take the money out or cash it in the name of Machinery purchase using various false company and bank accounts to over invoice these
purchases, pocket the money and run away to Bangladesh. This seems to be exactly what has happened as as soon he cashed in all the money all PR newswires from the company stopped.

Biggest loots took placed on or August/September of 1999!! When Veltex Stock jumped over 1000% for few days and millions of unauthorized shares were dumped my Matin due to a series of totally false PR
Newswire were issued by Mr. Javeed A. Matin,CEO & Chairman of Veltex Corporation,(These PR newswires can still be viewed at www.bloomberg.com stock quote area enter symbol 'vlvt' than press at company news).

All the facts now coming into light shows that Mr. Matin also hired various stock recommending houses as well as PR firms in the United States, Canada and Europe to pump shares of Veltex Corporation (vlvt).

Center of all this is a small Textile factory in Comillah, Bangladesh. Mr. Matin claimed that Veltex Corporation of U.S.A. owned 100% of a Textile Mills in Comillah, Bangladesh under the name of Velvet Textile Mills Ltd. and that Mill in Bangladesh is making about U.S.$10 million in sales in 1999 alone and about U.S.$2 millions in profit with
projected sales in the range of U.S.$100 millions in few years.

Mr. Matin claimed in all the PR newswires that the mill in Comillah cost U.S.$12 million plus (actually less than half a million) employed some 315 peoples (actually less than 10 person)and he has offices and distribution centers in U.S.A., Canada, Europe and Asia (actually none) and it is run by a 30 years experienced American COO named one Charles Funderburk who is staying in Bangladesh and also a director of Veltex Corporation. The fact came to light now shows that Mr. Funderburk has no idea that he was a director of Veltex Corporation. He only went into Bangladesh for few weeks to help install some used 1973 model looms of German origin.

The truth is Velvet textile Mills Ltd. in Comillah, Bangladesh is a small textile weaving factory with few used looms 1973 year model Never had more than 10 person working, Never made a dime in profit, The factory is engaged in weaving defect fabrics, has no legal relationship with Veltex Corporation of U.S.A. as per The Registerer, Joint Stock Companies & Firms in Bangladesh. Velvet Textile Mills Ltd. is owned by Three Bangladeshi since 1995 including Mr. Matin who are fighting with Mr. Matin regarding ownership. Mr. Matin tried to buy them out with fraudulent bounce check in the range of hundreds of thousand dollars. Above all that factory in Comillah never went into commercial
production. Velvet Textile Mills Ltd. of Bangladesh is a domestic Bangladeshi corporation and can not be taken public in foreign
countries without due permission of Bangladeshi Government as well as Bangladesh Bank due to conversion of Taka into foreign exchange laws.