Dear Sir/Madam
This is regarding a private limited company , which was floated by a US-returned businessman to develop timeshare resorts and highway motels. Within a span of 5 years, the company was listed on BSE. But suddenly, citing the Asian financial crisis, the company wound up operations leaving no trace, swindling thousands of investors of their hard-earned money. He had apparenly declared bankruptcy.
It is now known that the mastermind had returned to the US and "started from scratch" to establish a retirement living facilities for NRIs in the US.
I would like to know if there are loopholes in bankruptcy laws in India which helped him return to the safe haven of the US - obviously he had assets even though he declared bankruptcy. Are there looholes in US immigration laws as well which helped him - or do the Americans play the gracious host to bankrupt Indians?
Are there no laws to bring such pople to book? Please advise.
