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Tag: Kautilya Nandan Pruthi

  • RECOMMENDED READING: Kautilya Nandan Pruthi, Author Of Britain’s Largest Ponzi Swindle, Sentenced To More Than 14 Years And Faces Deportation; While Con Man Faces Years Behind Bars, The Purported Return Rate of JSS Tripler/JustBeenPaid Dwarfs That Of ‘Britain’s Bernard Madoff’

    This is a links post on the prison sentence of more than 14 years handed down to Kautilya Nandan Pruthi, the so-called Bernard Madoff of Britain.

    See The Sun’s coverage here.

    Outtake (italics added):

    “Judge Michael Gledhill QC said: “You are an extremely intelligent, articulate, sophisticated and plausible liar. In short, a professional fraudster.”

    See coverage in The Economic Times here.

    See Sky News’ coverage here.

    Outtake (italics added):

    “The Indian-born businessman was told he faced deportation back to his home country following his jail term.”

    Meanwhile, see flashy cars, real estate and photos of celebrity victims of Pruthi at the Daily Mail.

    The Independent is reporting that Pruthi offered a return of 156 percent a year.

    By comparison, purveyors of the JSS Tripler/JustBeenPaid “opportunity” currently making its way around the web might view the Pruthi offer as chump change. Indeed, JSS Tripler/JustBeenPaid says it can return 180 percent in three months.

  • Kautilya Nandan Pruthi Charged Criminally In $173 Million Ponzi Case After Probe By London Police

    Last month, a  court in the United Kingdom ordered Kautilya Nandan Pruthi to pay more than $135 million to the Financial Services Authority (FSA) for his role in an alleged Ponzi scheme that gathered the U.S. equivalent of $173 million. The FSA is the British equivalent of the U.S. Securities and Exchange Commission.

    Two others accused civilly of unlawfully accepting deposits were ordered to pay more than $37.3 million.

    Now Pruthi has been charged criminally in the case, which is believed to the Britain’s largest Ponzi scheme. The charges were announced by the Crown Prosecution Service Central Fraud Group after an investigation by the London Police Department.

    Pruthi has been charged with participating in a fraudulent business contrary to section 9 of the Fraud Act 2006; 22 counts of fraud contrary to section 1 of the Fraud Act 2006; five counts of obtaining a money transfer by deception contrary to section 15A of the Theft Act 1968; unauthorised regulated activity contrary to sections 19 and 23 of the Financial Services and Markets Act 2000; and concealing, disguising, converting, transferring and removing criminal property contrary to section 327 and 334 of the Proceeds of Crime Act 2002.

    The prosecution labeled the charges “serious offences,” saying they “relate to Mr Pruthi’s activities between 25 August 2005 and 10 June 2009.”

    FSA said last month that it intervened last year to stop the scheme from mushrooming further, adding that victims are not apt to recover much despite the judgment against Pruthi and the others. London police said some of the victims did not want to believe they had been defrauded.

    The Crown Prosecution Service prosecutes criminal cases investigated by police in England and Wales.

  • BULLETIN: High Court Orders 3 Accused HYIP Swindlers To Pay $173 Million To U.K.’s Financial Services Authority; Case May Be Largest Ponzi Scheme In British History

    A court in the United Kingdom has ordered three individuals accused of operating a colossal Ponzi scheme to pay £115m — roughly the U.S. equivalent of $173 million.

    The alleged Business Consulting International fraud is believed to be the largest Ponzi swindle in British history.

    As a criminal investigation proceeds, John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi were ordered to pay the spectacular sum to the Financial Services Authority (FSA), the U.K. equivalent of the U.S. Securities and Exchange Commission.

    Pruthi was ordered to pay £89,798,938.42 (US$135.1 million); Anderson £13,197,076.15 (US$19.8 million); and Peacock £11,645,052.99 (US$17.5 million).

    FSA accused the defendants of unlawfully accepting deposits. Despite the favorable ruling, victims likely will not recover much, the agency warned.

    “[T]his case again emphasises the importance of taking care to ensure that any firm or individual consumers deal with are authorised or approved by the FSA,” said Margaret Cole, director of enforcement and financial crime. “Authorisation offers consumers valuable protection and access to complaints and compensation arrangements should anything go wrong.”

    Cole noted that the court decision validated the agency’s intervention last year to stop the scheme from mushrooming further.

    “As the Judge commented in his ruling the FSA took quick and decisive action against Pruthi, Anderson and Peacock and was entirely justified in intervening, using the full force of the legislation, to bring the scheme to a speedy conclusion and prevent further consumers being cheated,” Cole said.

    FSA noted that it would seek to make investors as whole as possible.

    “The FSA will be seeking to enforce the judgment and return money that can be retrieved to investors who had dealings with Pruthi, Anderson and Peacock,” the agency said.

    The London Police Department said last year that some of the victims in the mammoth fraud did not want to believe they had been fleeced. A criminal probe continues.