Bhakti Caru Swami Bankruptcy Appeal Committee
By: BCS Bankruptcy Appeal Committee
Dear Maharajas and Prabhus, Please accept our humble obeisances. All glories to Srila Prabhupada.
There have been reports on Internet websites regarding questions of His Holiness Bhakti Caru Swami engaging in business activity. It is well known that he had engaged in the manufacture of yogi bars and his cinematic endeavors with the video series on Srila Prabhupada. However, this is not the limit of his business efforts. Some years ago, he purchased a Canadian aerial survey company, McPharr Geosurveys, in Toronto, Canada.
This business involved many devotees in its management including but not limited to Bhagavan dasa and Dayarama Prabhu from Mayapura. Unfortunately, throughout its history, the company never fared well.
McPharr Geosurveys engaged in aerial surveys searching out mineral deposits. This is done by sensitive machinery and senors being flown over specific geographical areas gleaning data which is later analyzed as to the area's existing mineral content.
The business is technical and the investment required is high. Various industry members have told members of the Committee that novices getting involved in such a sophisticated and expensive industry is ill-advised. However, the amounts of money churned is high and therefore intoxicating. As a result, His Holiness Bhakti Caru Swami found the attraction irresistible.
McPharr ran into constant problems in both technical and financial challenges. The company leased planes to assist their survey work, which led Ambarisa dasa, an investor in the company, to purchase a plane to do their flying. A plane was purchased and a new company, Skyvision Exploration Inc. was started and held title to the plane.
It is said that the money used was earmarked for the Mayapura temple project and Ambarisa was convinced to have the money be put to work to produce more profit for the temple.
To cut a long story short, His Holiness' company fell on bad times. McPharr was forced into bankruptcy in order to escape their creditors and a new company was started, AMG India, to continue on the work of McPharr.
In the end, as of 2010, Bhakti Caru Maharaja's debts totaled just under eleven million (11,000,000.00) to nearly 150 creditors.
The Maharaja solicited loans from many disciples to purchase a property in Ujjain, India. Taking this as collateral, the Bank of India issued a line of credit to AMG for approximately five million dollars. Millions more were also borrowed from disciples for the McPharr enterprise.
According to industry sources, AMG is also now in the red for about eight million dollars. As a result of the approximate six million dollars in loans from disciples, the near eleven million dollars in debts listed above and the large debt owed by AMG, His Holiness has dug himself a very deep well of debt.
There has been further action to raise loans from other disciples in the hope of paying down these debts. Unfortunately, to date, these efforts have fallen short and the debts to the devotees will not be repaid.
So, in the mood of trying to help the Maharaja out of his business mess, with this article, we would like to open up the canvassing effort to the international community of devotees. BCS has preached actively throughout the world and it is likely that many devotees will enthusiastically chip in to help out the poor swami. Why should the whole responsibility of repaying these debts fall on the shoulders of his disciples. Especially, when some of them have been so generous in the first place.
In this regard, a committee has been formed to solicit funds to assist Bhakti Caru Swami's bankruptcy.
Our committee's goal is to assist the Maharaja with his financial difficulties so that he can realign his focus one hundred percent back to preaching, as he is obviously a better preacher than businessman.
This effort has not sought the endorsement of BCS, though he has been informed of its inception, as we realize that the Maharaja’s humility will not allow him to accept any financial assistance.
So, please help, by making a pledge to help put to rest the debts of the devotees and hopefully those of the two bankruptcies. We will follow up on all pledges and guarantee that 100% of the funds will go to retire BCS's business debts. Nothing will be taken for administrative fees, etc., other than bank fees, if necessary.