A businessman accused of being the mastermind behind an alleged £100m \’Ponzi\’ scheme was warned he faced a jail sentence after admitting charges of fraud and deception.
OK, this was a big one but Ponzis are hardly unusual.
I\’ve been invited into one or two even in my very limited business life.
But here\’s the stupidity:
Pruthi is alleged to have creamed off £38m from the fund for his own use between 2005 and 2008 when he was running Business Consulting International.
If you\’re running a Ponzi you\’ve got to know that you are. Pulling £38 million out of £100 million isn\’t something you do by chance or happenstance. And that does seem to be evidence that he didn\’t fall into the trap (ie, promise great returns through real investment opportunities, fail to make them then turn to the fraud as the original Charles Ponzi did).
So, having snaffled that £38 million why was he hanging around? There are plenty of places in this world where you can disappear with such sums after all.
That\’s the bit I never get with these things. The stupidity of not realising when to cut and run.