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Date: 10 Apr 2010
Time: 04:14:26 -0500
Photographer Simon Roberts has been chosen to photograph the General Election http://www.theelectionproject.co.uk/ you can submit your own photos to the site. I decided to make a screen shot of this webpage :- http://www.hm-treasury.gov.uk/better_regulation_action_plan.htm "The new model we propose is quite different. In a risk based approach there is no inspection without justification, no form filling without justification, and no information requirements without justification. Not just a light touch but a limited touch. Instead of routine regulation attempting to cover all, we adopt a risk based approach which targets only the necessary few. A risk based approach helps move us a million miles away from the old assumption - the assumption since the first legislation of Victorian times - that business, unregulated, will invariably act irresponsibly. The better view is that businesses want to act responsibly. Reputation with customers and investors is more important to behaviour than regulation, and transparency - backed up by the light touch - can be more effective than the heavy hand. " Its from 2005. From public court papers its the same date that Kautilya Nandan Pruthi started his "business" you can read about Pruthi here : - http://vmehta.conforums3.com/index.cgi?board=lifestyle&action=display&num=1249222561 Also on court papers made public Pruthi and two aggregators John Cecil Anderson and Kenneth Alun Peacock had 41 bank accounts (like you do) with HSBC amoung them sole trader business accounts. Allegedly Pruthi has served custodial sentences in the US for fraud :- http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=kautilya&Middle=&LastName=pruthi&Race=U&Sex=M&Age=&x=82&y=24 So Pruthi is now in London 2005 and his started his "business" - short term loans to business (loan shark) he gets investors and promises returns of 13% a month on 10k And I mean he GETS investors 100's of them A few years later Anderson and Peacock come on board doing the same thing. Now to anyone with any sense 13% a month screams scam - you know 'if its too good to be true it probably is' and it all came to a stop in November 2008. In a Ponzi scheme (which is 'alleged') your just recirculating peoples money and skimming off. Its out right fraud. And should be clearly flagged up by the movements in the bank accounts and flagged up a lot SOONER than 3 years. In total probably a 1000 people lost maybe 80 MILLION to these three. THE question is why was Pruthi allowed a business bank account in the first place:- http://en.wikipedia.org/wiki/Know_your_customer and even then allowed to run with it for three years. Court papers show it was 'investors' who tipped off the Financial Services Authority ( NOT THE BANK ) who in late 2008 put a freezing order on their activity. There you go Gordon's - Better Regulation Action Plan 2005 I trust me there are many more - it amounted to a green light to wide-boys and scammers galore.