KUBR

SFC wins first winding-up of a listed company over IPO fraud

China Metal Recycling (Holdings) Ltd · Scrap metal recycling

Revenue inflationFake customers or vendorsRound-trippingForged documents

The case in brief

Visible before detection

    Checks that could have surfaced it, on hindsight

    1

    Counterparty existence

    Would have tested whether overseas counterparties were independent and real.

    Can mislead when: Real companies can be used as pass-throughs. Existence does not prove a real trade, so C6 and C7 still apply.

    2

    Ownership / related-party links

    Would have linked the nominees to the founders.

    Can mislead when: Nominee directors and offshore layers hide links. Name matching throws up false positives, so every flag shows its evidence path.

    3

    Operating-metric verification

    Would have compared shipment records with port and customs data.

    Can mislead when: Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace.

    Where Kubr services would have helped

    Financial diligence

    Offered in India
    • C3 Would have linked the nominees to the founders.
    • C4 Would have tested whether overseas counterparties were independent and real.
    • C10 Would have compared shipment records with port and customs data.

    Valuation context

    Offered in India
    • C4 Would have tested whether overseas counterparties were independent and real.

    Proceeds tracer

    Offered in India
    • C3 Would have linked the nominees to the founders.
    • C4 Would have tested whether overseas counterparties were independent and real.
    • C10 Would have compared shipment records with port and customs data.

    Verified Snapshot

    Offered in India
    • C3 Would have linked the nominees to the founders.
    • C4 Would have tested whether overseas counterparties were independent and real.

    Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.

    A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.