It is okay to accuse someone of something that he or she may have done. What is not okay, however, is to put the blame for something done by you on someone else.
In the Nsel payment default crisis, take the case of high net worth investor turned activist Ketan Shah. The basis for his activism is his contention he was duped by NSEL into investing large sums of money and then “scammed”, i.e. cheated out of those large sums, to the tune of Rs 16 crore, to be precise.
Nothing can be further from the truth.
Ketan Shah, like many of the investors whose causes he is espousing in vociferous activist tones, was cautioned by his broker not to invest large sums and “to act according to your portfolio”.
This cautionary note is attached here as evidence since it bears the signature of Ketan Shah, indicating his acknowledgment of this excellent piece of advice which he duly disregarded.
Having committed this error in judgment, as he continued to invest money against the recommendations of seasoned, expert professionals, Shah lost his hard-earned money when the borrowers defaulted on their payments.
No doubt, Shah deserves some sympathy for losing his money.
However, to put the blame on NSEL and FTIL and rise up in activism against them just shows he is unwilling to face a simple truth – he was greedy and should be blaming only himself.
If anything, the man needs to introspect, having fallen prey to his greed. This is evident from the fact he did not reconsider his investment decisions in spite of being advised by his broker in writing.
Activism against NSEL, now a defunct exchange, and parent company FTIL, will not yield Shah his lost, hard-earned money. Activism and recovery efforts directed towards the defaulters will achieve that.
As shown earlier, defaulters have spent investors’ money on luxury cars and escorts (click here to read) and personal benefits. It’s a no-brainer the activism should be directed at them.
Shah made a foolish decision to disregard his broker’s advice earlier and the old adage – a fool and his money are soon parted – came true.
He is making another foolish mistake now by targeting the wrong people to get his money back.