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.