A retired banker in Australia gets a call from his HDFC Bank relationship manager. A fund returning 14 to 16%. Uncorrelated to markets. He puts in $1.5 million.
A year later, redemptions freeze. Six years on, most investors are still waiting.
This is not a story about one fund.
“Can all the people be fooled all the time? Can a country with a population of a billion-and-a-half be dragged around like a corpse forever? It cannot. The Cockroaches are out and about.” Arundhati Roy writes
Arundhati Roy writes the essay the moment needs with the tenderness, admiration and empathy that this uprising of young cockroaches deserves.
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Foreign lender @HSBC is offering non-resident Indians (NRIs) leverage, or the use of borrowed funds to enhance returns, of up to 19 times their own capital to create foreign currency non-resident bank or FCNR(B) deposits through its GIFT City branch. This is said to be the
