The NSEL scam is funny. No one seems to be interested in finding out where the money went. The promoter has drawn out a schedule of repayment which is like a pregnancy to delivery routine stretching over ten months. The brokers are busy pointing fingers at Jignesh Shah so that the investors conveniently forget their role of luring the victim. The brokers now hide the fact as to who did the KYC on the names that are borrowers. Or each one of them fronts for Jignesh Shah? No one wants to know or say.
The brokers & Jignesh Shah, in a bid to soften government response, pay off 'small' investors. And how? By Jignesh Shah, dipping in to the wallet of Financial Technologies WITHOUT legal sanction!! Jignesh Shah is a class act!! His contacts have ensured that the government still has not touched him, looks on to his charade of appointing 'independent' Officer on Special Duty, "Forensic Audit" and what not. But it seems to be working. Government has still kept him outside bars and the Economic Offences Wing still deliberating perhaps about whether there is a crime happened or not.
Wonderful example of corporate governance. Promoter picks pockets of one company clean. Then picks pockets of another company to give 'loan' to the other, which can NEVER be repaid. The other co shareholders don't even get a thank you letter from the promoter for this robbery by the promoter. And brokers, who took investors on a guaranteed return trip, now point fingers. Who gave the funny limits to NK Proteins? It seems that sons-in-law command the nation. The Chairman / directors of the NSEL just walk out, having partaken of whatever fees and other gains they could.
And no one is interested in tracing where the money went to. It should have been less than one working day's task to find out where the money went. Now Grant Thornton will do its 'forensic' audit. Who will foot the bill?
The brokers, the directors and the government all look like characters out of Agatha Christie's "Murder on the Orient Express". A murder has happened. A body is there. And all the killers get away scot free.
3 comments:
Perhaps the Mumbai Matka model can help resolve this payment crisis.
Sir, if am not wrong Mumbai Matka operates without being backed by solid assets, just purely on the basis of odds that are heavily stacked against the matka players.
Looks like everyone involved in this (Jignesh, brokers, any lenders) are all at fault some way or the other. Hence no one is taking any legal route. It just reminds me the citi bank scam couple of years back when a citi baker duped many HNIs. No one was crucified there and it silently closed.
Regards,
Bhushan
Looks like everyone involved in this (Jignesh, brokers, any lenders) are all at fault some way or the other. Hence no one is taking any legal route. It just reminds me the citi bank scam couple of years back when a citi baker duped many HNIs. No one was crucified there and it silently closed.
Regards,
Bhushan
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