The tragedy in the markets

Last week, I wrote about scamsters who take people's money, promising to generate profits on the stock market, but eventually lose it all, forcing them to flee or face jail time. I mentioned Shivraj Puri, who was first arrested in 2011 for scamming Citibank customers in Gurugram out of about Rs 400 crore while working as a relationship manager. Puri was arrested, skipped bail, and was re-arrested six years later, eventually dying in jail a couple of years ago. While he was undoubtedly a scamster who robbed people, the strange thing is that, in a way, he was also a victim of what I believe to be the real scam in India. Although the source of his money was criminal, as an investor, he was just another casualty of the market. Thirteen years ago, when this case first came to light, I had written this: Citibank's