The mesmeric charms of Kautilya Nandan Pruthi

Britain's Bernie Madoff, Kautilya Nandan Pruthi, beguiled his famous vitims out of millions. So why is 'affinity fraud' - swindling people who trust you - proving so contagious?

Never trust a man in a cravat' runs the adage. It's a shame Pruthi's victims didn't heed it, says the Daily Mail. Many could scarcely believe their luck when they were invited to join one of the country's most lucrative investment clubs, offering returns of up to 13% a month.

It seemed above board as several celebrities had signed up. Nobody suspected they were to lose their shirts in Britain's biggest-ever Ponzi scheme. Last week, the perpetrator of the £115m scam, Kautilya Nandan Pruthi, was jailed for 14 years.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.