If you’ve recently heard about Mindstay Technology promising high returns on investments or quick career opportunities, you’re not alone.
Bengaluru-based and registered in 2021, this company claims to offer software development services, training programs, and investment opportunities. But behind the glossy promises, multiple red flags have surfaced, leaving investors and trainers concerned.
Here’s a deep dive into what’s happening with Mindstay Technology, how the alleged scams operate, and what you can do to protect yourself.
What is Mindstay Technology?
Mindstay Technology (OPC) Private Limited is a One Person Company (OPC) registered in Karnataka. The founder and sole director is Srinivas Boini.
The company lists its business activities as software development, training programs, and investment services. On the surface, it appears legitimate—active with a registered office in Vijayanagar, Bengaluru, and some presence on professional networks like LinkedIn.
However, operational status alone doesn’t guarantee legitimacy. Investors and trainers have reported multiple suspicious activities that raise serious concerns.
How do Investment Scams Work?
Several elements suggest that Mindstay Technology may operate using MLM or Ponzi-like structures:
- Referral & Recruitment Focus: Investors and participants are encouraged to bring in others to earn commissions or profit-sharing rewards.
- High Returns Promised: Profit-sharing programs promise high monthly returns, often funded by the investments of new participants.
- Deceptive Training Programs: Job seekers are asked to buy courses that are allegedly required for roles. Some of these courses link to external websites that appear legitimate but are not official.
- Delayed or Non-payment: Trainers and investors report receiving partial or no payments, despite contractual agreements.
In short, while Mindstay Technology presents itself as a tech and training company, the actual model raises red flags typical of investment scams.
Is Mindstay Technology Operational Now?
Yes. Mindstay Technology is still active as a registered OPC in Bengaluru. Being operational doesn’t mean it’s safe. Many reported cases indicate ongoing issues with payments and transparency.
Mindstay Technology fraud cases
Multiple reports online highlight alleged fraud:
- Investment Scheme Fraud:
- An investor reportedly put in ₹21.5 lakh with Mindstay Assets Management Private Limited, associated with Mindstay Technology.
- A ₹100 stamp paper agreement promised a 3% monthly return. Payments were made for the first five months but stopped thereafter.
- The company allegedly diverted the investor toward other business ventures without honoring the original agreement.
- Unpaid Trainers:
- Trainers have reported not receiving their salaries for services rendered.
- One review warned that Srinivas Boini “does not pay trainers” and advised caution.
- Unresponsive Customer Service:
- Investors claim that emails and calls regarding payments went unanswered, and even bank guarantee documents appeared suspicious.
How to Spot Investment Scams?
Watch out for these red flags before investing:
- High Returns, Low Risk – Promises of quick, guaranteed profits are suspicious.
- Pressure Tactics – Urgency or limited-time offers are classic scam moves.
- Referral-Based Schemes – Earnings mainly from recruiting others? Likely MLM/Ponzi.
- Lack of Transparency – Vague contracts, unclear revenue sources, or hidden terms.
- Unverified Websites – Check official registration; fake-looking websites are common.
- Poor Support – No responses to queries or complaints is a warning.
- Unsolicited Offers – Random calls or messages promising easy money are risky.
Always verify with MCA, SEBI, or financial advisors before investing.
How to Report Investment Scams?
If you’ve fallen victim to a scam involving Mindstay Technology or Mindstay Assets Management, you’re not alone. Multiple investors have reported issues such as non-payment of promised returns and unresponsive customer service.
If you believe you’ve been defrauded, consider the following actions:
1. Gather Evidence:
Collect all relevant documents, including contracts, bank statements, emails, and screenshots of communications.
2. File a Complaint with Authorities:
- Ministry of Corporate Affairs (MCA): Report the company for fraudulent activities.
- Securities and Exchange Board of India (SEBI): If the scam involves investment schemes, lodge a complaint.
- Report to the Cyber Crime Portal: File a complaint online at cyber crime portal.
- Local Police: File an FIR for financial fraud.
Need Help?
If you’ve been affected by Mindstay Technology, you can register with us for legal assistance and guidance to recover your funds.
Conclusion
While Mindstay Technology is operational, multiple red flags, unpaid trainers, and complaints from investors suggest caution. Whether it’s investment promises, recruitment programs, or referral schemes, the risks are real.
Always perform due diligence, verify credentials, and consult professionals before engaging with such companies. Protect your money, your career, and your peace of mind.
