Epaper
Analogey:
* Ramoji collected money from big Clients in AP with his influence and track record.
* Madoff colleted investments from big Clients (Big Banks, Hedge Funds, Celebrities) all over the world
* Both are giving clients return of ~10% to keep them happy from new investor collection.
* Both are in Business from more than 20 years illegally.
* Ramoji has some assets, Madoff don’t have any assets.
Bernard Madoff (WallStreet Ramoji) Victims: Big Banks, Hedge Funds, Celebrities( Influenced SEC)
Madoff got clients with his influence in SEC and Investment Community.
The list of investors who say they were duped in one of Wall Street’s biggest Ponzi schemes is growing, snaring some of the world’s biggest banking institutions and hedge funds, the super rich and the famous, pensioners and charities.
The alleged victims who sunk cash into veteran Wall Street money manager Bernard Madoff’s investment pool include real estate magnate Mortimer Zuckerman, the foundation of Nobel laureate Elie Wiesel, and a charity of movie director Steven Spielberg, according to the Wall Street Journal.
Among the world’s biggest banking institutions, Britain’s HSBC Holdings, Royal Bank of Scotland Groupand Man Group, Spain’s Grupo Santander, France’s BNP Paribas and Japan’s Nomura Holdings all reported that they had fallen victim to Madoff’s alleged $50 billion Ponzi scheme.
Ramoji’s Victims: Major Depositors of AP ( Influenced RBI )
Ramoji got clients with his influence in media and TDP community.
Strange as it may sound, it was Karnataka media which had exposed the illegal collection of deposits by Margadarsi Financiers from the public.
According to sources, there were reports in Karnataka media early this year that Margadarsi Chits (Karnataka) was accepting public deposits. Based on the reports, the Karnataka’s regional RBI office alerted their counterparts in Hyderabad. And the authorities in Hyderabad in March 2006 obtained the annual financial statements of Ramoji Rao HUF and Margadarsi Financiers for 2004-2005 and a few blank deposit application forms.
However, Ramoji Rao used his influence even on RBI. According to sources, the RBI authorities had turned a blind eye to the irregular way of deposit collection by Margadarsi Financiers from the public, even after company was caught indulging in doing business in violation of the RBI Act in 2005. In fact, it was for the second time that the RBI authorities found the illegal financial activities of Ramoji Rao. But, the RBI did not act against the company for violating not only the rules but also its own commitment given way back in 1998 not to carry out raising of deposits as its principal business.
—Venu
The views expressed in the article are the author’s and not of greatandhra.com.
