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Date: 21 Jul 2010
Time: 02:49:02 -0500
Ive been watching the Nandan Pruthi case for a few years. Its a fascinating one - he is "allegedly" a ponzi fraudster who used with great effect affinity fraud to make the scam work. Now Pruthi isn't a bank so its illegal but he has been steadfast in pleading his innocence. Ive drawn parallels with power of affinity fraud and the art world. http://www.bailii.org/ew/cases/EWHC/Ch/2010/1547.html From Nos 32 you will see that Pruthi is saying this 52 million is in the far east under the control of a Mr Charles Brugger . Amazingly he was given the benefit of the doubt and given a time frame to hand over the dosh to the FSA. Of course he didn't . Just to show the power of affinity fraud here is what one person who thinks he is a friend of Pruthi has to say on the 5th July 2010 "Yes I am quite happy to say that I believe Nandan Pruthi ,as a friend of mine, is completely innocent in this matter." Ref http://vmehta.conforums3.com/index.cgi?board=lifestyle&num=1249222561&action=display&start=1065 Pruthi's investments are listed in a Particulars of Claim of BCI and it makes for pathetic reading along with the work and views of the forensic accountant its clear that it was not a viable business. As Ive posted before the financial disaster in the view of some noted commentators (Janet Tavakoli is one of my favorite) is one big Ponzi scheme with the power of affinity fraud making it work. Alan Greenspan was the affinity king pin who instigated the removal of financial regulation, its what lead to this - http://webarchive.nationalarchives.gov.uk/+/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. " It was a green light to the likes of Pruthi and left a whole load of greedy, financially naive people in a lot of misery, debt, emotional and psychological pain. My recent ambition is to show my series of paintings - 'Fucked over by a Fucking Banker' in The Bank of England But I dont think it will happen being as I'm no affinity fraudster.