While the details are still coming out, it appears that a Relationship Manager of the bank offered his own investment product to the bank's clients, as if it was a product of the bank and approved by the regulater. Kickbacks to officials of investing organisations are also being spoken of.
Based on press reports, the Scam has elements of Misrepresentation, Illegality and Fraud. Deeper enquiry will show whether Hawala is also involved.
I suggest that you follow the case closely. This would be a live example to better understand, the elements of "MISCHIEF", which I mentioned in my Wealth Engine program.
Showing posts with label fraud. Show all posts
Showing posts with label fraud. Show all posts
Thursday, December 30, 2010
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