It was a surprise to read your article about fraud ("The war on sleaze heats up," European Business, Apr. 21). Between 1993 and 1995, we had several incidents in India where fictitious initial public offerings were offered at exorbitant prices to swindle money out of gullible investors. All this was done hand in glove with government authorities, who boast of being so-called regulatory bodies but are actually corrupt moneymakers. Nearly $5 billion to $6 billion was taken by shady promoters.
I hope that a universal effort is made to stop this fleecing of investors and that such scandals will become impossible, not merely because of regulations but because we have educated investors.
Ajay M. Mehta