Investors may not get their money back
If Shivraj Puri’s version is to be believed, investors may not get back their money.india Updated: Jan 07, 2011 02:48 IST
If Shivraj Puri’s version is to be believed, investors may not get back their money.
According to sources, Puri had invested a major chunk of money in the Sensex and booked huge losses in the due course. Acting in a reckless manner, Puri invested heavily in speculative mode without any hedging (ceiling) and suffered huge losses.
Experts say the loss booked in the stock trading can never be recovered.
Puri — after liquidating various financial instruments such as DD and cheques as well as stock holdings into the accounts of his grandparents and other relatives — made heavy investments in forward trading in the falling Sensex through brokerage companies.
And to win the confidence of his HNI clients, Puri would return some money to them on regular basis so that the flow of investment came to him unhindered.
For this, Puri kept the motivation level of his contact Hero Corporate AVP Sanjay Gupta whom he paid commission immediately after he (Gupta) brought in the investment.