Caveat Emptor!

It is a case of an Indian non-banking finance company started in 1991. The company had a meteoric rise in a short span of six-seven years and a great fall leading to closing its shutters down on 15 May 1997. The promoter CRB used money, connections with powers-that-be and political clout to circumvent banking and commercial guidelines of the country and took his company to a dizzy height only to head for a doom. In the process, thousands of small investors and depositors were cheated and their savings vanished in thin air. Even financial institutions lost several millions. This case gives a detailed account of the whole drama wherein the roles played by different actors are depicted. The entire case is based on press reports that appeared in Indian newspapers and magazines and offered to have value judgments.